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PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) 1 RED # REAL...
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How to fill out real estate purchase addendum

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How to fill out a real estate purchase addendum:

01
Begin by carefully reviewing the original purchase agreement and identifying the specific terms or conditions that need to be amended or added using the addendum.
02
Clearly state the purpose of the addendum at the top, such as "Addendum to Purchase Agreement" or "Amendment to Purchase Agreement."
03
Provide the date on which the addendum is being created.
04
Include the names and contact information of all parties involved in the transaction, such as the buyer, seller, and their respective agents or attorneys.
05
Clearly describe the specific changes or additions being made to the original purchase agreement. Use precise language and be as detailed as possible to avoid any confusion or misunderstandings.
06
If necessary, attach any additional documents or exhibits that relate to the changes made in the addendum, such as inspection reports or financing details.
07
Make sure all parties involved, including the buyer, seller, and their representatives, carefully review the contents of the addendum before signing.
08
Each party should sign and date the addendum to confirm their agreement to the changes made.
09
Consider having the addendum notarized for additional legal protection, especially if it involves significant changes or obligations.
10
Keep a copy of the fully executed addendum for your records and provide copies to all relevant parties, including the buyer, seller, and their agents or attorneys.

Who needs a real estate purchase addendum?

A real estate purchase addendum may be needed in various situations, including:

01
When the buyer and seller agree to modify or add terms to the original purchase agreement, such as changing the purchase price, closing date, or contingencies.
02
If unexpected issues or conditions arise during the due diligence period, such as the discovery of undisclosed defects or zoning restrictions, that need to be addressed in the contract.
03
When there are changes to the financing arrangements or terms, such as securing a new loan or altering the down payment amount.
04
If there are changes to the property's condition or repairs needed that were not initially included in the purchase agreement.
05
When either party wishes to add specific contingencies, such as making the purchase contingent upon the sale of their current property or obtaining satisfactory inspection results.
06
In situations where there are multiple offers on a property and certain buyers wish to amend their offers to stand out or meet specific requirements set by the seller.
It's important to consult with a real estate attorney or agent to ensure that a real estate purchase addendum is drafted properly and complies with local laws and regulations.
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A real estate purchase addendum is a document that is added to a real estate contract to modify or add additional terms and conditions.
Both the buyer and seller are required to file a real estate purchase addendum.
The real estate purchase addendum should be filled out by including the relevant details of the modifications or additions to the original contract.
The purpose of a real estate purchase addendum is to clarify or change the terms of the original contract.
The real estate purchase addendum must include details of the changes or additions being made to the original contract.
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