The Amendment To Purchase Agreement (Real Estate) is utilized when parties need to modify terms in an existing real estate purchase contract without creating an entirely new agreement. Common modifications include changes to purchase price, closing date, contingencies, or property specifications. This document is particularly important in the U.S. real estate market where changing circumstances or negotiations may require adjustments to the original terms. It provides a formal, legally-binding way to document changes while preserving the original agreement's framework and ensuring compliance with state-specific real estate laws.
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1. Parties: Identification of all parties to the original purchase agreement and amendment
2. Background: Reference to original agreement, date of execution, and reason for amendment
3. Definitions: Key terms used in the amendment, incorporating definitions from original agreement
4. Amendment Details: Specific modifications to the original agreement, clearly stating old and new terms
5. Confirmation of Other Terms: Statement that all other terms of original agreement remain in full force and effect
6. Execution: Signature blocks for all parties and notary requirements
1. Purchase Price Adjustment: Used when modifying the original purchase price terms of the agreement
2. Closing Date Modification: Changes to the closing timeline and related deadlines
3. Due Diligence Period Extension: Modifications to inspection or due diligence periods
4. Contingency Modifications: Changes to existing contingencies or addition of new ones
1. Revised Purchase Price Schedule: Details of modified payment terms or schedule
2. Updated Property Description: If amendment involves changes to property boundaries or included items
3. Modified Due Diligence Timeline: Revised schedule for inspections and investigations
4. Additional Disclosure Documents: Any new required disclosures related to the amendment
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