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.
New Hampshire Addendum to Contract for Sale and Purchase of Real Property is a legal document that serves as an annex or attachment to a primary contract agreement related to the sale and purchase of real estate in the state of New Hampshire. This addendum provides specific details, conditions, and additional terms that further clarify and modify the terms of the main contract. There might be various types of New Hampshire Addendum to Contract for Sale and Purchase of Real Property, each catering to different scenarios and requirements. Some common types are: 1. Financing Addendum: This addendum outlines the specific terms related to financing the real estate transaction, including the loan amount, interest rate, down payment, mortgage contingency clauses, and other financial conditions. 2. Inspection Addendum: This addendum focuses on the inspection process of the property. It provides details on the type of inspections to be conducted, such as general home inspections, pest inspections, radon testing, and any other specific examinations relevant to the property. It also includes provisions for repair requests, remedies, or potential renegotiation based on the inspection results. 3. Appraisal Addendum: This addendum specifies the appraisal conditions and procedures to be followed to determine the fair market value of the property. It outlines the responsibilities of the buyer and seller in obtaining and reviewing the appraisal report and defines the actions to be taken in case of a significant appraisal discrepancy. 4. Title Contingency Addendum: This addendum addresses the concerns related to the property's title and ensures that the buyer receives a clear and marketable title upon closing. It may specify the timeframe within which the seller must provide a title insurance commitment and allow the buyer the option to terminate the contract if any issues arise with the title. 5. Homeowners Association (HOA) Addendum: This addendum is applicable when the property is subject to a homeowners' association. It includes information about the HOA's rules, bylaws, fees, and any specific conditions or requirements that must be met by both the buyer and seller. It is essential to carefully review and understand the specific addendum relevant to the New Hampshire real estate transaction as it is crucial for the effective implementation of the contract. Seeking legal advice or assistance from a qualified real estate professional is recommended to ensure compliance with New Hampshire laws and regulations.
