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 Washington Addendum to Contract for Sale and Purchase of Real Property is a legal document that serves as an additional agreement to the main contract for the sale and purchase of real estate in the state of Washington. It allows the parties involved to include specific terms and conditions to tailor the transaction to their needs and comply with state laws. Different types of Washington Addendum to Contract for Sale and Purchase of Real Property may include: 1. Financing Addendum: This addendum addresses the financing aspect of the transaction. It may include details about mortgage contingencies, loan terms, interest rates, and the buyer's responsibilities in obtaining financing. 2. Inspection Addendum: This addendum covers the inspection process, allowing the buyer to conduct inspections on the property before finalizing the purchase. It outlines timelines, responsibilities, and procedures related to the inspection and subsequent negotiations based on inspection results. 3. Appraisal Addendum: Appraisal addendums are used when the buyer intends to obtain an appraisal of the property. It outlines the timeline for completing an appraisal and the course of action if the appraisal value falls below or exceeds the agreed-upon price. 4. Homeowners Association (HOA) Addendum: If the property is located in a homeowners' association, this addendum addresses the rules, regulations, and financial obligations associated with the HOA. It also provides information about any pending or ongoing litigation involving the HOA. 5. Seller Disclosures Addendum: This addendum ensures that the seller discloses any known property defects or issues that might impact the buyer's decision to proceed with the purchase. It can cover various aspects such as structural issues, water damage, pest infestation, or previous repairs. 6. Title and Escrow Addendum: This addendum covers the title search process, title insurance, and the selection of an escrow company to handle the closing. It outlines the responsibilities of both the buyer and seller related to the transfer of ownership. 7. Contingencies Addendum: Contingencies addendums allow the parties to include specific conditions that must be met for the contract to be binding. This may include contingencies related to the sale of the buyer's current property, securing permits, or resolving legal or zoning issues. It is important to consult with a qualified real estate professional or attorney when drafting or reviewing any Washington Addendum to Contract for Sale and Purchase of Real Property to ensure compliance with state laws and to protect the interests of all parties involved in the transaction.
