The Addendum To Contract For Residential Sale And Purchase is commonly used when circumstances require modifications to the original purchase agreement after it has been signed but before closing. This might include price adjustments, extended closing dates, repair agreements, or additional contingencies. Used throughout the United States, this document must comply with both federal regulations (such as RESPA and TILA) and state-specific real estate laws. The addendum becomes legally binding when signed by all parties involved in the original contract and should clearly reference the original agreement while specifying exactly what terms are being modified or added.
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1. Reference to Original Contract: Details of the original purchase agreement including date, parties, and property identification
2. Purpose of Addendum: Clear statement explaining why the addendum is being created and its intended effect
3. Modified Terms: Specific changes or additions to the original contract, clearly stating what is being modified
4. Effect on Original Contract: Statement confirming that all other terms of the original contract remain unchanged and in full force
5. Signatures: Execution block for all parties to sign and date the addendum
1. Contingencies: Additional conditions that must be met before closing, such as repairs or inspections
2. Price Adjustments: Modifications to the original purchase price, including any credits or changes in terms
3. Timeline Modifications: Changes to closing dates, inspection periods, or other time-sensitive elements
4. Property Modifications: Changes to the property description or included/excluded items
5. Additional Disclosures: Any new disclosures required based on discoveries or changes since original contract
1. Schedule A - Property Details: Updated property description or specifications if modified from original contract
2. Schedule B - Payment Terms: Modified payment terms, escrow instructions, or financing conditions
3. Schedule C - Additional Disclosures: New or updated disclosure forms, inspection reports, or other supporting documentation
4. Schedule D - Timeline Updates: Detailed schedule of modified dates and deadlines
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