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.
Texas Addendum to Contract for Sale and Purchase of Real Property
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US-03209BG
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How to fill out Addendum To Contract For Sale And Purchase Of Real Property?
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An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.
Purchase Agreement Contract. A purchase agreement is the most common real estate contract. Also known as a sales contract, this binding document is between two parties, the property buyer and property seller, to transfer a specific property under certain conditions.
As public records, contract forms adopted by the Texas Real Estate Commission are available to any person. Real estate license holders are required to use these forms. However, TREC contract forms are intended for use primarily by licensed real estate brokers or sales agents who are trained in their correct use.
A seller financing addendum outlines the terms of the seller's financing for the buyer. This addendum includes details such as the loan amount, interest rate, and payment terms. It also specifies the conditions that must be met for the buyer to obtain financing, such as the appraisal value of the property.
While an amendment alters the core terms of the contract, an addendum provides supplementary information without changing the original content.
Common Purchase Contract Addendum ?Third Party Financing Addendum: This addendum is used when any type of third party financing is being used for all or some of the purchase price. In other words, the purchase is being financed by someone other than the buyer or the seller.
The addendum should detail all the terms different from the original purchase agreement: changes, alterations, deletions, and additions the document is making to the original contract. Furthermore, the addendum should reference the specific section or provision number in the contract affected by the change.
In Texas, the most common form of residential sales contract is the One to Four Family Residential Contract (Resale). This is the most commonly used residential real estate contract in Texas. That is because it can be easily modified and still provide all of the protections for both buyers and sellers.
