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
Relevant legal definitions
Original Purchase Agreement
Property
Effective Date
Closing Date
Purchase Price
Seller
Buyer
Earnest Money
Title Company
Escrow Agent
Inspection Period
Due Diligence
Contingencies
Property Improvements
Closing Costs
Settlement Statement
Deed
Modifications
Business Day
Material Change
Substantial Completion
Required Repairs
Amendment Date
Contract Documents
Addendum
Clauses
Modification
Purchase Price Adjustment
Closing Date
Inspection
Due Diligence
Property Condition
Repairs and Improvements
Contingencies
Financing
Title
Representations and Warranties
Risk of Loss
Default
Remedies
Notices
Assignment
Time of Essence
Entire Agreement
Governing Law
Severability
Counterparts
Amendment
Survival
Force Majeure
Earnest Money
Relevant Industries
Relevant Teams
Relevant Roles
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