An instrument modifying or rescinding a contract should identify the contract with certainty. The parts of the contract to be changed should be clearly expressed, and the change itself clearly set forth. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Mississippi Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is a legal document that is used to revise, modify, or supplement an existing contract for the sale and purchase of residential real estate in the state of Mississippi. This addendum provides additional terms, conditions, or contingencies that are specific to the transaction and are not covered in the original contract. There are different types of Mississippi Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate, which are commonly used based on the specific requirements of the parties involved. Some key addendums include: 1. Financing Addendum: This addendum is used when the buyer requires financing for the purchase of the residential property. It outlines specific terms related to the mortgage, interest rates, down payment, and contingency clauses related to loan approval. 2. Inspection Addendum: This addendum is used to address the inspection process of the property. It typically outlines the timeframe for conducting inspections, the party responsible for arranging inspections, and the procedures to address any identified issues or repairs. 3. Appraisal Addendum: This addendum is utilized when an appraisal is required as part of the purchase process. It outlines the terms for the appraisal, the timeline, and the actions to be taken based on the appraised value of the property. 4. Contingency Addendum: This addendum covers contingencies that might affect the sale and purchase of the residential real estate. It typically includes provisions for the buyer's ability to sell their current property, obtaining suitable financing, or any other conditions that must be met for the transaction to proceed. 5. Disclosure Addendum: This addendum ensures that both parties disclose any known issues or defects related to the property. It outlines the specific disclosures required by law and protects the buyer from any misrepresentations or omissions made by the seller. By utilizing these various types of addendums, the parties involved can tailor their contract to their specific needs and circumstances, ensuring a smooth and transparent transaction for the price, sale, and purchase of residential real estate in Mississippi. Consultation with a real estate attorney or professional is highly recommended ensuring compliance with state laws and regulations.
