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People also ask
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What is the most common addendum in real estate?
Common addendums include contingencies such as home inspections or the sale of the buyer's house, as well as including certain items, like furniture.
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What is a closing addendum?
An addendum makes the contract more streamlined and easier to read. Strikeouts in the contract can become difficult to read and can cause legal issues down the road. One reason for an addendum is that the buyers have decided they want the seller to pay a portion of the closing costs.
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What is the purpose of an addendum?
Addendums are attachments to original contracts that alter the original terms and conditions of the contract. Addendums can be used to alter standard contracts, make adjustments if situations have changed since the original contract was signed, or if the original signers come to a different arrangement.
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What is a seller addendum?
Instead of scratching out and handwriting over certain parts of the contract, addendums are drafted and signed to prove both buyer and seller agree. This includes: Modifying the purchase price, closing date, and financing terms. Adding contingencies like home inspections or repairs.
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Can a seller add an addendum to a contract?
Both addendums and amendments require the consent and agreement of all parties involved in the original contract. Any party to the contract can propose an amendment or an addendum, but it is necessary for all other parties to agree to the proposed changes before either an addendum or an amendment can be added.
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