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EQUAL HOUSING OPPORTUNITY REALTORS ASSOCIATION OF NEW MEXICO ADDENDUM TO PURCHASE AGREEMENT REAL ESTATE CONTRACT ADDENDUM NO. This form is not a Real Estate Contract. It is an addendum to the RAN

How to fill out addendum to purchase agreement

How to fill out an addendum to a purchase agreement?

1. Begin by reviewing the original purchase agreement: Before filling out an addendum, it is essential to have a clear understanding of the original purchase agreement. Take the time to review and familiarize yourself with the terms and conditions outlined in the agreement.
2. Identify the need for an addendum: Determine why an addendum is necessary. It could be due to changes in the terms of the sale, additional contingencies, or amendments to specific provisions. Clearly identify the purpose of the addendum before proceeding.
3. Format and structure of the addendum: Typically, an addendum to a purchase agreement will include a title, date, and reference to the original agreement. The addendum should specify the relevant sections or clauses being amended or added. Ensure that the formatting and structure align with legal requirements and any guidelines provided by involved parties or legal professionals.
4. State the parties involved: Include the names and contact information of all parties involved in the original purchase agreement. This includes the buyer, seller, and any other individuals or entities directly related to the transaction.
5. Describe the changes or additions: Clearly articulate the changes or additions being made to the original purchase agreement. It is crucial to be specific and detailed to avoid any confusion or ambiguity. This can include adjusting the purchase price, adding new contingencies, modifying deadlines, or any other relevant modifications.
6. Seek legal advice, if necessary: Depending on the complexity of the addendum or the specific legal requirements of your jurisdiction, it may be wise to seek legal advice. An attorney with expertise in real estate transactions can help ensure that the addendum is properly drafted and legally binding.

Who needs an addendum to a purchase agreement?

An addendum to a purchase agreement may be necessary for various reasons, including:

1. Changes in terms: If the buyer or seller wishes to modify specific terms of the original agreement, they may need to draft an addendum. This can include adjusting the purchase price, extending or shortening deadlines, altering financing arrangements, or adding/removing contingencies.
2. Amendments to clauses or provisions: Sometimes, parties may realize that certain clauses or provisions in the original purchase agreement need modification or clarification. An addendum can be used to amend or add new clauses to address these concerns.
3. Additional contingencies: In some cases, new contingencies may arise after the original purchase agreement is signed. An addendum can be used to outline and include these additional contingencies and their associated terms.

In any situation where changes or additions to the original purchase agreement are required, using an addendum provides a legally binding way to document and formalize these modifications.

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What is addendum to purchase agreement?

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

Who is required to file addendum to purchase agreement?

Both parties involved in the purchase agreement, the buyer and the seller, are required to file an addendum to the purchase agreement.

How to fill out addendum to purchase agreement?

To fill out an addendum to a purchase agreement, both parties should review the original agreement, clearly outline the changes or additions, and sign and date the addendum.

What is the purpose of addendum to purchase agreement?

The purpose of an addendum to a purchase agreement is to make changes or additions to the original agreement without having to create an entirely new agreement.

What information must be reported on addendum to purchase agreement?

The addendum to a purchase agreement must include a clear description of the changes or additions being made, as well as the date and signatures of both parties.