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 Oklahoma Addendum to Contract for Sale and Purchase of Real Property is a legal document used in real estate transactions in the state of Oklahoma. This specific addendum serves as an additional section that can be attached to the main contract to address specific terms and conditions that are unique to the property or transaction. The purpose of the Oklahoma Addendum is to provide clarity and protect the rights and interests of both the buyer and the seller involved in the sale or purchase of a real property. By incorporating the addendum into the contract, the parties can establish additional agreements, disclosures, contingencies, or other provisions that are necessary to address specific issues related to the property. Some common types of Oklahoma Addendum to Contract for Sale and Purchase of Real Property include: 1. Inspection Addendum: This type of addendum allows buyers to include specific terms related to property inspections, such as the right to perform inspections, the deadline for completing inspections, and the conditions under which the buyer can request repairs or terminate the contract based on inspection results. 2. Financing Addendum: This addendum is used when the buyer needs to secure financing for the purchase. It specifies the terms and conditions of the financing, including the type of loan, interest rate, loan amount, and any contingencies related to the buyer's ability to obtain the necessary financing. 3. Title Examination Addendum: This addendum addresses issues related to the title search and title insurance. It may include provisions requiring the seller to provide a clear and marketable title or allow for necessary time for the buyer to review the title documents. 4. Appraisal Addendum: This addendum allows the buyer to request an appraisal of the property to determine its fair market value. It may establish timelines for completing the appraisal and outline the consequences if the appraisal value falls below the agreed-upon purchase price. 5. Seller Disclosure Addendum: In Oklahoma, sellers are required to provide certain disclosures about the property condition and any known defects. This addendum outlines the specific statutory disclosures the seller must provide, ensuring compliance with state laws. It is important to note that the specific types of addenda can vary depending on the circumstances of each real estate transaction. The parties involved should consult with a real estate attorney or professional to determine which addenda are necessary and appropriate for their particular sale or purchase of real property in Oklahoma.
