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ADDENDUM TO SALES CONTRACT Date: This Addendum is a part of the Agreement on the Property located at and dated between the undersigned Purchaser(s) and the undersigned Seller(s). Purchaser Witness
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How to fill out addendum to sales contract
How to fill out addendum to sales contract:
01
Review the original sales contract: Before filling out the addendum, carefully review the original sales contract to understand the specific terms and conditions that need to be modified or added.
02
Identify the changes or additions: Determine the specific changes or additions that need to be made to the sales contract. This could include modifying the purchase price, adjusting the closing date, or adding contingencies.
03
Draft the addendum: Create a new document titled "Addendum to Sales Contract" and include the date of creation. Clearly state the purpose of the addendum and provide a reference to the original sales contract.
04
Include necessary details: Provide a clear and concise explanation of the changes or additions being made. Include specific details such as new pricing terms, revised deadlines, or any additional terms that are being inserted.
05
Obtain signatures: Once the addendum is drafted, ensure all parties involved in the original sales contract review and agree to the changes or additions. Obtain the necessary signatures from both the buyer and seller, as well as any other relevant parties such as real estate agents or attorneys.
06
Attach the addendum: Once signed, attach the addendum to the original sales contract and make copies for all parties involved. It is essential to keep a record of the modified contract for future reference.
Who needs addendum to sales contract:
01
Buyers: Buyers may need an addendum to the sales contract if they want to modify the agreed-upon terms with the seller. This could be due to changes in financing, inspection results, or unforeseen circumstances.
02
Sellers: Sellers may require an addendum to the sales contract to accommodate changes requested by the buyer or to add additional terms or conditions to the agreement.
03
Real estate professionals: Real estate agents and brokers acting on behalf of buyers or sellers may use addendums to facilitate changes requested by their clients or ensure that specific provisions or contingencies are included in the sales contract.
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What is addendum to sales contract?
An addendum to a sales contract is a document that adds to or modifies the terms of a previously agreed-upon sales contract.
Who is required to file addendum to sales contract?
Either party involved in the sales contract may propose an addendum to the sales contract, however, both parties must agree to the changes in order to make them legally binding.
How to fill out addendum to sales contract?
The addendum should clearly state which sales contract it is modifying, specify the changes being made, and must be signed and dated by both parties involved.
What is the purpose of addendum to sales contract?
The purpose of an addendum to a sales contract is to make additions or changes to the terms of the original contract without having to create an entirely new contract.
What information must be reported on addendum to sales contract?
The addendum must clearly state the changes being made to the original sales contract, as well as the reasoning behind the changes.
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