An Addendum To Agreement To Sell (Real Estate) is utilized when parties need to modify terms of an existing real estate purchase agreement without voiding the original contract. Common uses include adjusting purchase price, extending closing dates, adding contingencies, or addressing inspection findings. The document must comply with U.S. federal and state-specific real estate laws, requiring signatures from all parties to the original agreement. It serves as a crucial tool in real estate transactions where flexibility is needed after the initial agreement is signed.
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1. Identification of Original Agreement: Reference to the original purchase agreement including date and parties
2. Parties: Names and details of all parties to the original agreement
3. Purpose of Addendum: Clear statement of why the addendum is being created
4. Modified Terms: Specific changes or additions to the original agreement
5. Confirmation of Unmodified Terms: Statement that all other terms remain unchanged
6. Signatures: Execution block for all parties
1. Additional Contingencies: Optional section for new conditions that must be met before closing, used when adding new requirements to the sale
2. Price Adjustment: Optional section for changes to the purchase price, used when modifying the original sale price
3. Closing Date Modification: Optional section for changes to the closing timeline, used when adjusting the closing schedule
4. Property Modifications: Optional section for changes related to the property condition or included items, used when modifying what is included in the sale
1. Schedule of Modified Terms: Detailed list of specific changes to original agreement terms
2. Updated Property Description: If changes affect the property description or boundaries
3. New Inspection Reports: If addendum is related to inspection findings
4. Modified Payment Schedule: If changes affect payment terms or timeline
Relevant legal definitions
Agreement
Original Purchase Agreement
Property
Effective Date
Closing Date
Purchase Price
Seller
Buyer
Parties
Modified Terms
Closing
Title Company
Escrow Agent
Settlement Statement
Contingencies
Due Diligence Period
Inspection Period
Business Day
Real Property
Personal Property
Fixtures
Addendum
Amendment Date
Contract Documents
Earnest Money
Original Purchase Agreement
Property
Effective Date
Closing Date
Purchase Price
Seller
Buyer
Parties
Modified Terms
Closing
Title Company
Escrow Agent
Settlement Statement
Contingencies
Due Diligence Period
Inspection Period
Business Day
Real Property
Personal Property
Fixtures
Addendum
Amendment Date
Contract Documents
Earnest Money
Clauses
Identification of Original Agreement
Modification of Terms
Purchase Price Adjustment
Closing Date Changes
Property Description
Inspection Contingencies
Due Diligence
Financing Conditions
Title Matters
Property Condition
Representations and Warranties
Survival of Original Agreement
Integration
Counterparts
Governing Law
Notice
Severability
Further Assurances
Time of Essence
Assignment
Modification of Terms
Purchase Price Adjustment
Closing Date Changes
Property Description
Inspection Contingencies
Due Diligence
Financing Conditions
Title Matters
Property Condition
Representations and Warranties
Survival of Original Agreement
Integration
Counterparts
Governing Law
Notice
Severability
Further Assurances
Time of Essence
Assignment
Relevant Industries
Relevant Teams
Relevant Roles
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