A Real Estate Purchase Agreement 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 alter terms such as purchase price, closing dates, inspection contingencies, or other conditions after the initial agreement is signed but before closing. The addendum must comply with both federal laws (including Fair Housing Act and RESPA) and state-specific real estate regulations. It provides a formal, legally-binding way to document changes while preserving the validity of the original agreement's unchanged terms.
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Key Requirements PROMPT example:
Real Estate Purchase Agreement Addendum
"I need a Real Estate Purchase Agreement Addendum to modify the purchase price from $450,000 to $425,000 due to inspection findings, with a new closing date of March 15, 2025, for a single-family home in Colorado."
1. Original Agreement Reference: Identifies the original purchase agreement being modified, including date and parties
2. Parties: Identifies buyer and seller with full legal names and addresses
3. Purpose of Addendum: Clear statement of which terms are being modified and why
4. Modified Terms: Specific changes to original agreement terms
5. Original Terms Confirmation: Statement that all other terms of original agreement remain unchanged
6. Signatures: Execution block for all parties
1. Contingencies: Additional conditions that must be met, used when new conditions are being added to the sale
2. Timeline Modifications: Changes to closing dates or other deadlines, used when adjusting any dates from original agreement
3. Price Adjustments: Changes to purchase price or payment terms, used when modifying financial terms
1. Modified Inspection Reports: Updated property inspection findings requiring attention
2. Revised Property Details: Updated property specifications or inventory if changed from original agreement
3. New Financial Terms: Detailed breakdown of modified payment terms or price adjustments
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