The Home Purchase Contract Addendum is essential when parties need to modify terms of an existing home purchase agreement without voiding the entire contract. Common uses include adjusting purchase price, extending closing dates, adding contingencies, or modifying inspection terms. This document is governed by U.S. federal housing laws and state-specific real estate regulations, requiring careful attention to compliance with local property laws. It serves as a legally binding amendment that protects all parties' interests while maintaining the integrity of the original agreement.
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1. Original Contract Reference: Details of the original purchase agreement being modified, including date, parties, and property address
2. Parties: Full legal names and addresses of the buyer(s) and seller(s) involved in the transaction
3. Property Description: Legal description of the property including address, lot number, and any relevant property identifiers
4. Modification Details: Specific changes or additions to the original contract, clearly stating what is being modified
5. Effect on Original Contract: Statement confirming all other terms and conditions of the original contract remain unchanged
6. Signatures: Execution block for all parties, including dates and notary requirements if applicable
1. Contingencies: Additional conditions that must be met before closing, such as inspection results or financing requirements
2. Price Adjustments: Modifications to the original purchase price, including any credits or changes in terms
3. Timeline Modifications: Changes to any dates or deadlines specified in the original contract
4. Repairs and Improvements: Specific agreements regarding repairs or improvements to be completed before closing
1. Schedule A - Property Details: Updated or additional property specifications, features, or included items
2. Schedule B - Payment Terms: Modified payment terms, escrow instructions, or financing conditions
3. Schedule C - Inspection Requirements: Additional or modified inspection requirements or repair specifications
4. Schedule D - Timeline: Detailed timeline of modified dates and deadlines
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