The Real Estate Purchase Contract Addendum is essential when parties need to modify terms of an existing real estate purchase agreement without voiding the entire contract. Commonly used when circumstances change during the transaction process, this document can address modifications to purchase price, closing date, contingencies, or other terms. It must comply with U.S. federal regulations such as the Fair Housing Act and RESPA, as well as state-specific real estate laws. The addendum becomes legally binding once all parties sign it and should clearly reference the original agreement it modifies.
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1. Identification of Original Contract: References the original purchase agreement being modified, including date and parties involved
2. Parties: Identifies the buyer and seller from the original contract with their full legal names and addresses
3. Property Description: Identifies the property being purchased including legal description and physical address
4. Modification Details: Specifies the exact changes being made to the original contract with clear before/after language
5. Original Contract Validity: Confirms all other terms of original contract remain in effect and are unchanged
6. Signatures: Space for all parties to sign and date the addendum, including any witnesses or notary requirements
1. Financing Changes: Modifications to purchase price, payment terms, or financing conditions
2. Closing Date Changes: Modifications to the closing timeline and related deadlines
3. Inspection Modifications: Changes to inspection terms, timelines, or repair requirements
4. Contingency Modifications: Additions, removals, or modifications to existing contingencies
1. Schedule A - Modified Terms: Detailed itemization of specific contract modifications with before and after language
2. Schedule B - New Disclosures: Additional disclosures required due to modifications in the addendum
3. Schedule C - Supporting Documentation: Copies or references to supporting documents related to the modifications
Relevant legal definitions
Addendum
Agreement
Original Contract
Property
Purchase Price
Buyer
Seller
Closing Date
Effective Date
Earnest Money
Title Company
Escrow Agent
Contingencies
Due Diligence Period
Inspection Period
Settlement Statement
Deed
Closing Documents
Real Property
Improvements
Personal Property
Fixtures
Permitted Exceptions
Title Insurance
Broker
Modification
Amendment
Clauses
Modification
Amendment
Purchase Price Adjustment
Closing Date Extension
Property Condition
Inspection
Due Diligence
Contingency
Financing Terms
Title Insurance
Property Access
Representations and Warranties
Risk of Loss
Default
Remedies
Notice
Assignment
Governing Law
Counterparts
Survival
Integration
Severability
Further Assurance
Time of Essence
Force Majeure
Relevant Industries
Relevant Teams
Relevant Roles
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