An Addendum To Land Contract is utilized when parties need to modify terms of an existing land contract without creating an entirely new agreement. Common in U.S. real estate transactions, this document addresses changes such as payment terms, property descriptions, or other contractual obligations. It must comply with state-specific real estate laws and the Statute of Frauds. The addendum becomes legally binding upon proper execution and should be recorded with the original contract in the appropriate jurisdiction's registry of deeds.
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1. Parties: Identification of all parties to the original land contract and addendum
2. Background: Reference to original land contract and reason for addendum
3. Definitions: Key terms used in the addendum
4. Modifications: Specific changes being made to the original contract
5. Original Agreement: Statement that all other terms of original contract remain in effect
6. Execution: Signature blocks and notary requirements
1. Payment Terms: Used when modifying payment schedule or amounts in the original contract
2. Property Description: Used when modifying property details, boundaries, or description from original contract
3. Transfer Rights: Used when modifying assignment or transfer provisions from original agreement
4. Insurance Requirements: Used when changing insurance terms or obligations from original contract
1. Schedule A: Updated payment schedule or amortization table
2. Schedule B: Modified property description or survey
3. Schedule C: New or modified insurance requirements
4. Exhibit 1: Copy of original land contract
Relevant legal definitions
Addendum
Original Land Contract
Property
Seller/Vendor
Buyer/Vendee
Effective Date
Closing Date
Purchase Price
Payment Schedule
Interest Rate
Principal Balance
Default
Cure Period
Deed
Title
Encumbrances
Recording Date
Modifications
Payment Terms
Property Description
Improvements
Insurance Requirements
Transfer Rights
Assignment
Notices
Governing Law
Force Majeure
Business Day
Original Land Contract
Property
Seller/Vendor
Buyer/Vendee
Effective Date
Closing Date
Purchase Price
Payment Schedule
Interest Rate
Principal Balance
Default
Cure Period
Deed
Title
Encumbrances
Recording Date
Modifications
Payment Terms
Property Description
Improvements
Insurance Requirements
Transfer Rights
Assignment
Notices
Governing Law
Force Majeure
Business Day
Clauses
Modification
Payment Terms
Property Description
Transfer Rights
Insurance
Title and Conveyance
Default and Remedies
Recording Requirements
Assignment
Notice
Severability
Entire Agreement
Amendment
Governing Law
Force Majeure
Representations and Warranties
Compliance with Laws
Taxes and Assessments
Maintenance and Repairs
Property Inspection
Risk of Loss
Dispute Resolution
Ratification
Binding Effect
Counterparts
Payment Terms
Property Description
Transfer Rights
Insurance
Title and Conveyance
Default and Remedies
Recording Requirements
Assignment
Notice
Severability
Entire Agreement
Amendment
Governing Law
Force Majeure
Representations and Warranties
Compliance with Laws
Taxes and Assessments
Maintenance and Repairs
Property Inspection
Risk of Loss
Dispute Resolution
Ratification
Binding Effect
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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