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Amendment To Contract (Real Estate)

Amendment To Contract (Real Estate) Template for United States

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Key Requirements PROMPT example:

Amendment To Contract (Real Estate)

"I need an Amendment To Contract (Real Estate) to extend the closing date to March 15, 2025, and increase the purchase price by $50,000 due to agreed renovations on the commercial property at 123 Business Avenue."

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Document background
An Amendment To Contract (Real Estate) is essential when parties need to modify terms of their existing real estate agreement without creating an entirely new contract. This document is commonly used in the United States when circumstances change after the original contract signing, such as adjusted purchase prices, extended closing dates, or modified property conditions. It must comply with state-specific real estate laws and federal regulations, including the Statute of Frauds requiring written modifications. The amendment serves as a legally binding addition to the original contract, maintaining clarity and legal protection for all parties involved.
Suggested Sections

1. Parties: Identification of all parties to the original contract and amendment

2. Background: Reference to original contract and reason for amendment

3. Definitions: Key terms used in the amendment

4. Amendment Details: Specific changes being made to the original contract

5. Original Contract Validity: Statement that all other terms of original contract remain in effect

6. Execution: Signature blocks and notary section

Optional Sections

1. Consideration: Details of any new consideration being exchanged (include when amendment involves new financial terms)

2. Conditions Precedent: Any conditions that must be met before amendment takes effect (include when amendment is contingent on specific events)

3. Third Party Consents: Reference to required third party approvals (include when amendment requires lender or other third party approval)

Suggested Schedules

1. Modified Property Description: Updated legal description if property boundaries are changed

2. Revised Payment Schedule: If amendment involves changes to payment terms

3. Required Consent Documents: Copies of third party approvals or consents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Industries

State-Specific Real Estate Laws: Individual state laws governing real estate transactions, including specific recording and disclosure requirements that vary by jurisdiction

Statute of Frauds: Legal requirement that real estate contracts and their modifications must be in writing to be enforceable, with specific provisions for valid contract modifications

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

Americans with Disabilities Act: Federal law ensuring equal access and accommodations for persons with disabilities, which may affect real estate contract amendments involving property modifications

Truth in Lending Act: Federal law requiring disclosure of credit terms and costs in real estate transactions involving financing

Contract Modification Requirements: Legal principles governing contract modifications, including consideration requirements and mutual assent between parties

Recording Requirements: State and local regulations governing how documents must be formatted, notarized, and recorded in public records

Property Law Fundamentals: Basic property law requirements including accurate property descriptions, easement regulations, and compliance with zoning laws

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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