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.
The Pennsylvania Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is a legally binding document that supplements the main contract in a real estate transaction. This addendum is specific to Pennsylvania and is used to address certain provisions and conditions that are particular to the state's real estate market. It encompasses various types, such as the Financing Contingency Addendum, Inspection Contingency Addendum, and Appraisal Contingency Addendum, among others. The Financing Contingency Addendum is one of the most common types found in the Pennsylvania Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate. This addendum outlines the terms and conditions related to the buyer securing a mortgage loan to purchase the property. It typically includes details such as the loan amount, interest rate, loan commitment deadline, and the consequences if the buyer fails to obtain financing. Another type of addendum is the Inspection Contingency Addendum, which allows the buyer to conduct inspections on the property before finalizing the purchase. This addendum specifies the timeframe within which the inspections must occur, the types of inspections permitted, and any repairs or negotiations that may arise as a result of the inspection findings. It also outlines the rights of the buyer to terminate the contract if the inspection reveals significant issues. The Appraisal Contingency Addendum is designed to protect the buyer in case the property's appraised value falls short of the agreed-upon purchase price. It enables the buyer to renegotiate the price or terminate the contract if the appraisal fails to meet the specified amount. This addendum defines the timeframe for the appraisal process and the necessary steps to be taken if a valuation discrepancy arises. In addition to these common types, the Pennsylvania Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate may include other addenda covering specific aspects such as seller disclosures, lead-based paint, zoning regulations, property boundary disputes, and more. These addenda aim to address the unique legal and regulatory requirements within Pennsylvania. It is crucial for all parties involved in a residential real estate transaction in Pennsylvania to carefully review and understand the contents of the addendum(s) attached to the main contract. It is recommended to seek legal advice and assistance from a qualified real estate professional to ensure compliance with state laws and to protect the rights and interests of both buyers and sellers.
