The Addendum To Purchase And Sale Agreement is utilized when parties need to modify terms of an existing real estate purchase contract without voiding the original agreement. Common scenarios include price adjustments, closing date changes, or additional contingencies. This document is particularly important in U.S. real estate transactions as it provides a clear legal record of changes while maintaining compliance with state and federal property laws. The addendum must reference the original agreement and be signed by all parties to be legally binding.
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1. Parties: Identification of all parties to the original agreement and addendum
2. Background: Reference to original agreement and reason for addendum
3. Definitions: Any new terms being introduced in the addendum
4. Modifications: Specific changes being made to the original agreement
5. Original Agreement Validity: Statement confirming all other terms remain in effect
6. Signatures: Execution block for all parties
1. Price Adjustment: Used when modifying the original purchase price terms and conditions
2. Closing Date Modification: Used when adjusting the closing timeline or schedule from the original agreement
3. Additional Terms: Used when adding new terms or conditions not covered in the original agreement
4. Contingency Modifications: Used when modifying inspection, financing, or other contingencies from the original agreement
1. Schedule A - Modified Property Description: Details any changes to property specifications or descriptions from the original agreement
2. Schedule B - Modified Payment Schedule: Outlines any changes to payment terms or schedule from the original agreement
3. Schedule C - Modified Contingencies: Lists detailed modifications to contingency requirements and conditions
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