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.
The New York Addendum to Contract for Sale and Purchase of Real Property is a legal document used in the state of New York to add additional terms and conditions to a real estate contract. This addendum is typically used when parties involved in a real estate transaction wish to include specific clauses or provisions that are not covered in the standard contract. There are various types of New York Addendum to Contract for Sale and Purchase of Real Property that can be tailored to suit different situations and requirements. Some common types include: 1. Financing Addendum — This addendum is used when the buyer requires additional financing terms to be included in the contract. It may specify the type of financing (conventional, FHA, VA, etc.), interest rate, down payment, or any other financing conditions. 2. Inspection Addendum — This type of addendum is utilized when the buyer wants to request specific inspections to be conducted on the property before the closing. It may include inspections for pests, radon, mold, or any other necessary assessments. 3. Contingency Addendum — The contingency addendum is used when the buyer or seller wants to include specific contingencies as conditions for completing the sale. Examples of contingencies may include obtaining a satisfactory home inspection report, securing funding, or the sale of another property by the buyer. 4. Appraisal Addendum — This addendum is used when either the buyer or seller wishes to set a specific appraisal value as a condition for proceeding with the sale. It outlines the terms related to the appraisal process and the actions to be taken based on the appraised value. 5. Title Insurance Addendum — The title insurance addendum is used to address any specific concerns related to title issues. It may specify requirements for clear title, title insurance coverage, or conditions for resolving any existing title defects. 6. Leasehold Addendum — If the property being purchased is on a leasehold rather than a fee simple basis, this addendum is used to outline the terms and conditions of the lease, including lease duration, rent payments, and any specific lease provisions. Each type of New York Addendum to Contract for Sale and Purchase of Real Property has its own purpose and significance, allowing parties to customize their contract to reflect their individual needs and concerns. It is vital to consult with legal professionals or real estate agents to ensure that the appropriate addendum is used and properly executed to protect the interests of all involved parties.
