The Preprinted Portion of This Form Has Been Drafted by the Arizona Association of REALTORS
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People also ask
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What is the additional clause addendum in Arizona?
In Arizona real estate, the Additional Clause Addendum is a document that can be added to a real estate contract to include additional terms or conditions specific to the transaction. It allows the parties involved to include provisions that are not already covered in the standard contract forms.
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What is the addendum agreement and additional clauses?
An addendum avoids the need to create a whole new contract, allowing parties to introduce new clauses while keeping the original contract intact. And since it's legally binding, an addendum can alter any terms and conditions of the original contract.
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What is an AAR prequalification form?
What is the purpose of the AAR prequalification form? A prequalification or preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount. This document is based on certain assumptions and it is not a guaranteed loan offer.
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What is an addendum in real estate contract?
In real estate, an addendum is an addition or supplement made to a contract that modifies, clarifies, or adds specific terms or conditions. An addendum should not be confused with an amendment, which modifies a contract that has already been executed.
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Which Arizona contract clause states that the buyer will lose his end even if the appraisal is low or the financing falls through?
The contingency clause gives a party to a contract the right to renegotiate or cancel the deal if specific circumstances turn out to be unsatisfactory. An appraisal contingency gives the buyer the right to back out if a professional property appraisal comes in lower than a specified minimum.
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What is the meaning of additional addendum?
/əˈdɛndəm/ Other forms: addenda; addendums. When you make an addendum to a document, you are adding text to the end. Addenda tend to be serious business as they're added to contracts, reports, and studies. There is nothing dumb about an addendum; often an addendum makes a document "smarter" by adding more information.
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