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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. Read the original purchase agreement: Before beginning to fill out the addendum, it is important to thoroughly familiarize yourself with the terms and conditions of the original residential purchase agreement. This will help you identify any specific provisions or clauses that need to be modified or added.
2. Clearly state the purpose of the addendum: Begin the addendum by clearly stating the purpose for which it is being added to the original purchase agreement. This could include adding additional terms, modifying existing ones, or addressing specific issues that were not covered in the original agreement.
3. Provide a detailed description of the modifications: For each provision that needs to be modified, provide a clear and precise description of the proposed changes. This may include adding, deleting, or modifying specific terms, conditions, or deadlines. Be as specific as possible to avoid any confusion or misunderstanding.
4. Include any necessary attachments: If there are any supporting documents or attachments that need to be included with the addendum, ensure that they are clearly referenced and attached. This could include a copy of a written agreement, an inspection report, or any other relevant document that supports the modifications being made.
5. Obtain signatures from all parties involved: Once the addendum has been filled out, it is important to obtain signatures from all parties involved in the residential purchase agreement. This typically includes the buyer, the seller, and any agents or brokers representing either party. All parties should carefully review the addendum before signing to ensure they understand and agree to the proposed modifications.

Who needs an addendum to a residential purchase?

An addendum to a residential purchase may be needed in various situations, including:

1. Modifications to the terms and conditions: If either party wishes to modify the existing terms and conditions of the original purchase agreement, an addendum may be necessary to document and formalize these changes.
2. Additional provisions: In some cases, additional provisions or clauses may need to be added to the original purchase agreement. This could include special arrangements regarding financing, repairs, or any other specific terms that were not initially covered.
3. Addressing unforeseen issues: Sometimes, unforeseen issues may arise during the course of a residential purchase transaction that were not addressed in the original agreement. In such cases, an addendum can be used to address and resolve these issues in a formal and legally binding manner.

It is important to consult with a real estate attorney or a qualified professional to determine if an addendum is necessary in your specific residential purchase situation.

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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 detail any additional terms or conditions that were not included in the original agreement.

Who is required to file addendum to residential purchase?

The parties involved in the residential purchase, such as the buyer, seller, or real estate agent, may be required to file an addendum to the residential purchase.

How to fill out addendum to residential purchase?

To fill out an addendum to residential purchase, the parties should carefully review the original purchase agreement and clearly state the additional terms or conditions that need to be added.

What is the purpose of addendum to residential purchase?

The purpose of an addendum to residential purchase is to modify or add new terms to the original purchase agreement in order to clarify any misunderstandings or address new developments.

What information must be reported on addendum to residential purchase?

The addendum to residential purchase must include the names of the parties, a description of the property, details of the modification or addition, and signatures of all parties involved.