Real estate contracts are legally binding documents that outline the terms and conditions of a property transaction. However, sometimes certain terms or conditions need to be added to the contract after it has been signed by both parties. This is where a real estate contract addendum comes into play.

A real estate contract addendum is a document that is added to a fully executed contract. It serves as an additional agreement between the buyer and seller that clarifies or modifies the terms of the original contract. The addendum can cover a wide range of topics, from contingencies to repair requirements to purchase price adjustments.

If you are in the process of buying or selling a property, it is important to have a clear understanding of what a real estate contract addendum is and how it can affect your transaction. To help you better prepare, we have put together a real estate contract addendum sample that you can use as a reference.

Real Estate Contract Addendum Sample

ADDENDUM TO PURCHASE AGREEMENT

Property Address: [insert address]

Buyer: [insert name]

Seller: [insert name]

Date: [insert date]

This addendum is added to and made part of the Purchase Agreement between Buyer and Seller dated [insert date].

1. Inspection Contingency: The Inspection Contingency as defined in the original Purchase Agreement is hereby modified to extend the Inspection Period until [insert date]. If the Buyer fails to notify the Seller of any additional repairs or issues by the new date, the Buyer will be deemed to have waived the Inspection Contingency.

2. Purchase Price: The Purchase Price as defined in the original Purchase Agreement is hereby increased by $[insert amount] to account for repairs agreed to in writing by the parties.

3. Closing Date: The Closing Date as defined in the original Purchase Agreement is hereby extended to [insert date] to allow for completion of repairs.

4. Financing Contingency: The Financing Contingency as defined in the original Purchase Agreement is hereby modified to require that the Buyer provide written documentation of loan approval by [insert date]. If the Buyer fails to provide documentation of loan approval by the new date, the Financing Contingency will be deemed waived.

5. Other Provisions: All other provisions of the original Purchase Agreement remain in full force and effect.

This addendum is executed as of the date written above.

Buyer’s Signature:_____________________________Date:_____________________

Seller’s Signature:____________________________Date:_____________________

Conclusion

In conclusion, a real estate contract addendum is an important legal document that can modify the terms of a purchase agreement. It is important to understand the purpose and use of an addendum before entering into a real estate transaction. Our real estate contract addendum sample can serve as a useful guide when creating your own addendum, but it is always important to consult with a licensed real estate professional or attorney for specific legal advice. So, if you are about to enter into a real estate transaction, make sure you are well-informed about real estate contract addendums.