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AMENDMENT REAL ESTATE PURCHASE CONTRACT Form

well hello everyone Frank gray with Abbi Realty back to do a quick tutorial on how to complete the amendment to a contract typically this is referred to as a repair amendment because that's typically what it's used for but it does have other uses as we will see as we go through the document I am open in a transaction in zip form plus typically when you're putting together a buyer template you will include the amendment as one of the standard documents but just in case you've not done that I'm gonna select the documents button then I'm gonna go to all forms type in the word amendment select all sources of documents and there you will see we have amendment number one we'll select it closed forms and now we will find that little amendment right down here at the bottom so we'll open it up you'll see it's already pre-populated with the property address I'm gonna just blank that out for privacy purposes let me run through this very quickly you would put in the street address and city seller and buyer amend the contract as follows and then you're going to check the appropriate boxes so if the sale price is changing you'll check this box and then put in the revised sale price and financing amount the second option in addition to any repairs and treatments otherwise required by the contract seller at sellers expense shall complete the following repairs and treatments so typically you're going to check that and you're going to start listing the repairs I like to begin this section with a little explanatory note that says as referenced in the attached inspection report and I've put that in there because typically there is a big description and even photos and the inspection report you don't have room for all of that in this little box so for example the first item might be have HVAC system inspected and repaired by qualified technician and then I'll put in parentheses page 12 or whatever it is in the inspection report that's harkens back to this statement as referenced in so then they can see exactly what the concern was in regard to the HVAC system then you would just continue with your items here if you needed additional room you could reference at the very bottom continued in a supplementary amendment but if you have reasonable buyers that shouldn't be necessary number three the date and paragraph nine of the contract is changed to that's the closing date so if you're changing that date it will check that box number four the amount in paragraph 12 a one B of the contract has changed to that's where you put in the amount of seller contribution and sometimes buyers will elect to receive a certain amount of money in lieu of repairs you can put that money here by the way you never want to use that phrase in lieu of repairs because it will set off all types of alarm bells at the buyers mortgage company so just put the amount in there without comment number five the cost of Linda required repairs and treatment has itemized in the attached list will be paid as follows so much by seller so much by buyer number six buyer has paid seller an additional option fee of and this is if they are extending the option period and then you indicate whether or not it will or will not be credited to the sale price number seven buyer waives the unrestricted right to terminate the contract for which the option fee was paid I think it's just good manners to always check that box it conveys to the seller that if they agree with these repair requests the option periods over and they don't need to be concerned about the Buy backing out of the contract just capriciously and since you're representing your buyers you might be thinking but that's not fair to my buyers because maybe they're giving up two or three days at the end of the option period in which they might want to withdraw and that's certainly true but the way I present this to a buyer and this is the way I believe is we want the sellers cooperation with these repairs you have no intention of withdrawing from the contract if they agree to these repairs so let's give them every incentive to agree they'll note they sign off on this the option period is over therefore they're more likely to be agreeable number eight the date for buyer to give written notice to seller the buyer cannot obtain buy or approval as set forth in the third party financing to them is changed to blank so if you put 21 days in the contract and it turns out you can't get final approval by that date but you don't want to back out of the contract but you also don't want to lose your right to withdraw if the buyer cannot obtain financing then you will put in the revised date here and this will not be a number of days but a an actual date number nine other modifications this is like special provisions in the listing agreement or the offer contract and he'd carefully insert only factual statements and business details applicable to this sale don't cross over into the practice of law so you've got place for buyer seller signatures here at the bottom when I am representing a seller and I've already received this from the buyers with their signatures and the sellers have agreed verbally to sign the amendment then once I put their names in here I also insert a date in this box and but it's the date on which they sign so that way it's automatically completed and I don't have to go through another you know print and sign process or send it back to myself for electronic signature once they sign the date is automatically filled in that's a very efficient way to handle it well there you go that is amendment number one to the one to four sales contract my name is Frank Wright if you have any questions about what we've talked about or any other aspects of the amendment please reach out to me I'm here to help thank you