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13083705003594820015205435true0AR60025237Pursuant to section 28 of the Real Estate Purchase Addendum, this document is test tbd4Lance Garner MCKIMCopyright 2018 Arkansas REALTORS AssociationAgency
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How to fill out purchase addendum

How to fill out a purchase addendum:
01
Start by reviewing the original purchase agreement: Before filling out a purchase addendum, it is important to thoroughly review the original purchase agreement. This will help you understand the terms and conditions that need to be amended or added to.
02
Determine the changes or additions needed: Identify the specific changes or additions you want to make to the original purchase agreement. This could include modifying the purchase price, adding additional contingencies, or including any other terms that were not initially addressed.
03
Draft the purchase addendum: Create a new document that outlines the changes or additions you identified in the previous step. The purchase addendum should clearly state which sections or clauses of the original purchase agreement are being modified or supplemented. It is important to be specific and provide all necessary details to avoid any confusion or misunderstandings later on.
04
Consult with all parties involved: Once the purchase addendum is drafted, it is essential to consult with all parties involved in the transaction. This includes the buyer, seller, and any real estate agents or attorneys representing either party. Discuss the proposed changes and ensure that everyone is in agreement before proceeding.
05
Sign the purchase addendum: Once all parties have reviewed and agreed upon the changes, the purchase addendum should be signed by all individuals involved. This can be done either in person or through electronic signatures, depending on local regulations and preferences.
06
Attach the purchase addendum to the original purchase agreement: After the purchase addendum is executed, it should be securely attached to the original purchase agreement. This will ensure that both documents are considered legally binding and enforceable.
Who needs purchase addendum:
A purchase addendum is typically needed in situations where there is a need to modify or supplement the terms of an existing purchase agreement. This could include situations such as:
01
Changes in purchase price: If the buyer and seller agree to revise the purchase price due to appraised value differences or negotiation, a purchase addendum can be used to modify this aspect.
02
Additional contingencies or conditions: If any additional contingencies or conditions need to be added to the original purchase agreement, a purchase addendum can be used to outline these new terms.
03
Amendments to closing dates or deadlines: If there is a need to extend or change any closing dates or deadlines specified in the original purchase agreement, a purchase addendum can be used to reflect these amendments.
04
Addressing repairs or property conditions: In some cases, a purchase addendum may be necessary to address any repairs or conditions of the property that were identified during inspections or appraisal reports.
Overall, anyone involved in a real estate transaction who needs to make changes or additions to an existing purchase agreement may require a purchase addendum. It is important to consult with a real estate professional or attorney to ensure that all legal requirements are met and that the purchase addendum accurately reflects the intended modifications.
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What is purchase addendum?
Purchase addendum is a document that is added to a purchase agreement to include additional terms or conditions.
Who is required to file purchase addendum?
The parties involved in the purchase agreement are required to file purchase addendum.
How to fill out purchase addendum?
Purchase addendum can be filled out by including the additional terms or conditions and signed by all parties.
What is the purpose of purchase addendum?
The purpose of purchase addendum is to clarify or modify terms of the original purchase agreement.
What information must be reported on purchase addendum?
The purchase addendum must include details of the additional terms or conditions agreed upon by the parties.
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