An Addendum To Add Additional Buyer is commonly used when there's a need to incorporate a new party into an existing purchase agreement, often due to financial considerations, marriage, or business partnerships. This document, governed by U.S. state and federal laws, ensures the additional buyer legally assumes equal rights and responsibilities under the original contract. It's particularly important in scenarios involving financed purchases, real estate transactions, or significant assets where clear documentation of all parties' obligations is essential.
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1. Parties: Identification of original parties and the additional buyer being added
2. Background: Reference to original agreement and reason for adding new buyer
3. Definitions: Key terms used in the addendum, including reference to original agreement terms
4. Addition of New Buyer: Formal statement adding new buyer to original agreement
5. Rights and Obligations: Statement that new buyer assumes same rights and obligations as original buyer(s)
6. Original Agreement Validity: Confirmation that original agreement remains in full force and effect
7. Execution: Signature blocks for all parties including original and new buyers
1. Lender Approval: Section required when the original purchase involves financing, detailing lender's consent to add new buyer
2. Joint and Several Liability: Section specifying liability structure between buyers, used when clarification of shared responsibility is needed
3. Special Conditions: Section for any specific conditions applying to new buyer, used when new buyer has unique terms or conditions
1. Schedule A - Original Agreement: Attached copy of the agreement being amended
2. Schedule B - Identification Documents: Copies of new buyer's identification documents
3. Schedule C - Credit Documentation: New buyer's credit qualification documents (if financing involved)
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