An Addendum To Agreement To Sell (Real Estate) is utilized when parties need to modify terms of an existing real estate purchase agreement without voiding the original contract. Common uses include adjusting purchase price, extending closing dates, adding contingencies, or addressing inspection findings. The document must comply with U.S. federal and state-specific real estate laws, requiring signatures from all parties to the original agreement. It serves as a crucial tool in real estate transactions where flexibility is needed after the initial agreement is signed.
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1. Identification of Original Agreement: Reference to the original purchase agreement including date and parties
2. Parties: Names and details of all parties to the original agreement
3. Purpose of Addendum: Clear statement of why the addendum is being created
4. Modified Terms: Specific changes or additions to the original agreement
5. Confirmation of Unmodified Terms: Statement that all other terms remain unchanged
6. Signatures: Execution block for all parties
1. Additional Contingencies: Optional section for new conditions that must be met before closing, used when adding new requirements to the sale
2. Price Adjustment: Optional section for changes to the purchase price, used when modifying the original sale price
3. Closing Date Modification: Optional section for changes to the closing timeline, used when adjusting the closing schedule
4. Property Modifications: Optional section for changes related to the property condition or included items, used when modifying what is included in the sale
1. Schedule of Modified Terms: Detailed list of specific changes to original agreement terms
2. Updated Property Description: If changes affect the property description or boundaries
3. New Inspection Reports: If addendum is related to inspection findings
4. Modified Payment Schedule: If changes affect payment terms or timeline
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