The Real Estate Contract Addendum is a crucial document used when parties need to modify terms of an existing real estate agreement without voiding the original contract. It's commonly used in the United States real estate market when circumstances change after the initial contract signing, such as inspection findings, price adjustments, or closing date modifications. This document must adhere to both federal regulations and state-specific real estate laws, making it essential to have proper legal review. The addendum becomes legally binding once all parties sign it and becomes an integral part of the original contract.
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1. Identification of Original Contract: Reference to the original contract being modified, including date and parties
2. Parties: Identification of all parties involved in the original contract and addendum
3. Property Description: Legal description of the property involved
4. Purpose of Addendum: Clear statement of what is being modified in the original contract
5. Modified Terms: Detailed description of the changes being made
6. Integration Clause: Statement that all other terms of the original contract remain in effect
7. Signature Block: Space for all parties to sign and date the addendum
1. Definitions: Definitions of new terms introduced in the addendum that require clarification
2. Contingencies: Any conditions that must be met for the addendum to take effect
3. Timeline Modifications: Changes to any dates or deadlines in the original contract
1. Schedule of Modified Payments: Details of any changes to payment terms or schedules
2. Modified Property Description: Detailed modification of property description including any changes to boundaries, included items, or excluded items
3. Additional Disclosure Forms: State-required disclosure forms related to the modification of the original contract
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