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Southland R e g i o n an l Association of Realtors, Inc. ADDENDUM TO RESIDENTIAL PURCHASE AGREEMENT THIS IS INTENDED TO BE A LEGALLY BINDING DOCUMENT READ IT CAREFULLY FOR USE WITH PROPERTIES LOCATED

How to fill out addendum to residential purchase

How to fill out an addendum to a residential purchase:

1. Begin by obtaining a blank addendum form from your real estate agent or attorney. This form should be specific to your state and comply with local laws.
2. Review the purchase agreement and identify the specific areas that need to be modified or added to. These could include changes in price, contingencies, or any additional terms and conditions.
3. Clearly state the purpose of the addendum at the top of the form. For example, "This addendum is to modify the purchase agreement between (buyer's name) and (seller's name) dated (date)."
4. Provide detailed information about the modifications or additions. Use concise and clear language to ensure there is no confusion. Include names, dates, and any specific terms or conditions that are being agreed upon.
5. If any signatures are required, make sure all parties involved in the transaction sign the addendum. This can include the buyer, seller, and possibly their respective agents or attorneys.
6. Make copies of the completed and signed addendum. Distribute these copies to all relevant parties, including the buyer, seller, and any professionals involved in the transaction.

Who needs an addendum to a residential purchase:

1. Buyers or sellers who wish to make changes to the existing purchase agreement may require an addendum. This is particularly common when negotiations have occurred after the initial agreement was signed.
2. If either the buyer or the seller wants to modify the terms of the agreement, such as extending the closing date, adding contingencies, or changing the purchase price, they may need to use an addendum.
3. Sometimes unexpected circumstances arise during the home buying process that require additional terms or changes to be added to the purchase agreement. In these cases, an addendum is necessary to document these modifications.

In summary, filling out an addendum to a residential purchase involves obtaining the appropriate form, identifying the areas that require modifications, clearly stating the purpose of the addendum, providing detailed information about the changes, collecting necessary signatures, and distributing copies to all relevant parties. Both the buyer and the seller may require an addendum if they wish to make modifications to the existing purchase agreement.

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What is addendum to residential purchase?

An addendum to residential purchase is a document that is added to the original purchase agreement to modify or add additional terms and conditions.

Who is required to file addendum to residential purchase?

The parties involved in the residential purchase, such as the buyer and seller, are required to file addendum to residential purchase.

How to fill out addendum to residential purchase?

To fill out an addendum to residential purchase, all parties must review the document, agree on the changes or additions, and then sign and date the addendum.

What is the purpose of addendum to residential purchase?

The purpose of an addendum to residential purchase is to clarify, modify, or add terms to the original purchase agreement to better reflect the intentions of the parties involved.

What information must be reported on addendum to residential purchase?

The addendum to residential purchase must clearly state the changes or additions to the original purchase agreement and be signed and dated by all parties involved.