The Real Estate Purchase Addendum serves as a crucial modification tool in U.S. real estate transactions when circumstances require changes to the original purchase agreement. This document becomes necessary when parties need to adjust terms such as purchase price, closing dates, repair requirements, or other conditions after the initial contract is signed but before closing. The addendum must comply with both federal regulations and state-specific real estate laws, making it essential to craft the document according to the appropriate jurisdiction's requirements. It provides a formal record of all parties' agreement to the modifications while preserving the validity of the original contract's unchanged terms.
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1. Original Agreement Reference: Details of the original purchase agreement being modified, including date, parties, and essential terms
2. Parties: Full legal names and addresses of the buyer(s) and seller(s) involved in the transaction
3. Property Description: Legal description of the property being sold, including address and parcel number
4. Modifications: Specific changes to the original agreement, clearly stating what terms are being modified
5. Effect on Original Agreement: Statement confirming all other terms of the original agreement remain unchanged and in full force
6. Governing Law: Statement specifying that the addendum is governed by applicable state and federal real estate laws
1. Contingencies: Additional conditions that must be met before closing, such as inspection results or financing requirements
2. Price Adjustment: Modifications to the original purchase price, including any credits or adjustments
3. Timeline Modifications: Changes to any contractual deadlines, including closing date, inspection period, or due diligence period
4. Additional Disclosures: Any new disclosures required based on inspections or discovered conditions
1. Schedule A - Property Inspection Results: Detailed findings from property inspections requiring attention or remedy
2. Schedule B - Modified Payment Terms: Updated payment schedule or terms if changes are made to the financial aspects
3. Schedule C - Additional Repairs: Comprehensive list of repairs to be completed before closing, including responsibilities and deadlines
4. Schedule D - Updated Disclosure Forms: Any additional required disclosure forms based on state regulations or discovered conditions
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