An addendum is a thing to be added; an addition. For example, it may be used to add supplemental terms or conditions to a contract or make corrections or supply omissions to a document. An addendum is often used to supply additional terms to standardized contracts, such as leases. Addendum is singular; the plural form is addenda.
North Carolina Addendum to Contract for Sale and Purchase of Real Property
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Multi-State
Control #:
US-03209BG
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Word;
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How to fill out Addendum To Contract For Sale And Purchase Of Real Property?
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FAQ
Can you amend a contract after signing it? The answer is yes, you can. If the contract has already been signed, all parties must agree to make the amendment. While it can be trickier to change a contract after it's signed, communicating a clear reason for the change can often be acceptable to the other party.
The addendum should detail all the terms different from the original purchase agreement: changes, alterations, deletions, and additions the document is making to the original contract. Furthermore, the addendum should reference the specific section or provision number in the contract affected by the change.
Like an addendum, a contract amendment is also an addition to a contract or agreement. An amendment, however, is generally not used to add terms and conditions, but rather to change existing terms and conditions. It comes from the Latin word emendare which means ?to correct, free from fault.?
An amendment deed alters the content of the existing contract by changing its wording. It is the legal equivalent of striking out incorrect words and writing the correct ones next to them.
What's the difference between an addendum and an amendment? An addendum is attached to a contract to create additional terms, and an amendment changes the terms within an existing contract.
The addendum says that the buyer will buy the property ?as-is? and pay the purchase price even if the appraisal comes in low.
The most common residential offer form in North Carolina is the ?Offer to Purchase and Contract? (Form No. 2-T), jointly approved by the N.C. Bar Association and NC REALTORS®. Many standard ?addenda? forms also are available to add provisions of special importance to the parties.
While an amendment alters the core terms of the contract, an addendum provides supplementary information without changing the original content.