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.
New York Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is an official document used in real estate transactions in the state of New York. This addendum serves as an additional agreement that outlines specific conditions and terms related to the sale and purchase of residential properties, in addition to the main contract. There are several types of New York Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate, each catering to different situations or contingencies that may arise during the transaction process. These addenda include: 1. Financing Contingency Addendum: This type of addendum relates to financing arrangements for the purchase of a residential property. It establishes specific terms and conditions that must be met for the buyer to obtain a mortgage or other forms of financing. It may include clauses addressing the interest rate, loan approval timeline, and the buyer's responsibilities in obtaining financing. 2. Inspection Contingency Addendum: This addendum is used when the buyer wants to conduct a thorough inspection of the property before finalizing the purchase. It outlines the timeframe for inspection, the scope of the inspection, as well as the buyer's rights to request repairs or renegotiate the purchase price based on the findings of the inspection. 3. Appraisal Contingency Addendum: This addendum specifies conditions related to property appraisal. It defines the value threshold that the property must meet or exceed to guarantee the buyer's financing. In case the appraisal falls short, the addendum may include provisions for renegotiating the price or finding alternative financing options. 4. Homeowner Association (HOA) Addendum: In situations where the property is part of a homeowner association, this addendum outlines the unique terms and conditions associated with the HOA. It covers aspects such as association fees, rules and regulations, transfer of ownership approval, and any pending litigation or assessments that the buyer must be aware of. 5. Sale of Buyer's Property Contingency Addendum: This addendum comes into play if the buyer has a property to sell before being able to purchase the new residential property. It includes conditions stating that the purchase of the desired property is contingent upon the successful sale of the buyer's current property within a specified timeframe. In conclusion, the New York Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is a comprehensive document that tailors the terms and conditions of a real estate transaction, accounting for various contingencies and specific situations that may arise during the process. These addenda provide clarity and protection for both buyers and sellers, ensuring a smooth and legally sound transaction in the dynamic New York real estate market.
