Addendum to Real Estate Purchase and Sale Agreement
Definition and meaning
An Addendum to Real Estate Purchase and Sale Agreement is a legal document that serves to modify or add conditions to an existing real estate transaction. This addendum clarifies any changes agreed upon by the buyer and seller regarding the sale of property, ensuring that both parties are on the same page. Typically, this document is crucial when alterations are necessary after the original purchase and sale agreement has been signed.
How to complete a form
Completing the Addendum to Real Estate Purchase and Sale Agreement involves several key steps:
- Review the original purchase and sale agreement carefully.
- Identify the specific amendments or additions that need to be made.
- Fill out the necessary details, including the names of the buyer and seller, property address, and the specific changes being agreed upon.
- Once completed, both parties should sign the document to indicate their acceptance of the changes.
Make sure to keep copies of both the original agreement and the addendum for your records.
Who should use this form
This form is intended for individuals engaged in a real estate transaction who need to make amendments to their existing purchase and sale agreement. Common users include:
- Homebuyers and sellers.
- Real estate agents facilitating the transaction.
- Attorneys representing either party in the sale.
Using this addendum ensures that all changes are documented legally and clearly.
Key components of the form
The Addendum to Real Estate Purchase and Sale Agreement includes several important components:
- Identification of parties: Names and addresses of the buyer and seller.
- Property description: Specific details regarding the property being sold.
- Amendments: Detailed outline of the changes being made to the original agreement.
- Signatures: Signatures of both the buyer and seller, confirming their agreement to the amendments.
Each of these elements is essential for the enforceability of the addendum.
Common mistakes to avoid when using this form
When completing the Addendum to Real Estate Purchase and Sale Agreement, users should avoid the following common mistakes:
- Failing to include all necessary details regarding the amendments.
- Not providing clear descriptions of the changes being made.
- Neglecting to have both parties sign the document.
- Using ambiguous language that could lead to misunderstandings.
By paying attention to these points, users can help ensure that the addendum is effective and legally binding.
What to expect during notarization or witnessing
If the Addendum to Real Estate Purchase and Sale Agreement requires notarization or witnessing, users can expect the following:
- Both parties must be present during the notarization process.
- The notary will verify the identities of the signers and their willingness to sign.
- Once verified, the notary will affix their signature and seal to the document, which authenticates it.
Having a notarized document can add an extra layer of security and legitimacy to the agreement.
Form popularity
FAQ
An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.An addendum makes the contract more streamlined and easier to read.
Step 1 Get the Original Purchase Agreement. The buyer and seller should get a copy of the original purchase agreement. Step 2 Write the Addendum. Complete a blank addendum (Adobe PDF, Microsoft Word (. Step 3 Parties Agree and Sign. Step 4 Add to the Purchase Agreement.
An example of an addendum being used would be if the parties wanted to add something to the original document. For instance, an individual who is purchasing a house may not want to purchase all of the furniture that is being left behind. However, after thinking about it further, he changes his mind.
Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.
Use a style and format consistent with the original contract. Create a title clearly identifying the relationship with the original contract. State the contract parties. Note the effective date of the addendum. Identify the related terms and contract sections.
Writing a Contract Addendum Name the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.
The addendum needs to look like the original contract so that it is clear the two documents are connected. Use the same typeface, margins and font size. Reference the date of the original contract. Title the document in a way that shows it is an addendum to the original contract.
Use a writing font that is consistent with the original contract so the two documents are aesthetically similar. Be specific in naming all parties associated with the contract. Specify the date that the addendum goes into effect.
