Addendum to Purchase Agreement

An Addendum to Purchase Agreement is a legal document that modifies or adds to an existing real estate purchase agreement. Key aspects include:

1. Supplements the original contract without voiding it

2. Used to make changes or add new terms after initial agreement

3. Common uses:

   – Extend deadlines

   – Modify purchase price

   – Add contingencies

   – Clarify terms

4. Must be signed by all parties involved in the original agreement

5. Becomes a legally binding part of the purchase contract

This document allows flexibility in real estate transactions, addressing unforeseen circumstances or new information that arises after the initial agreement. It’s crucial for maintaining clear communication and avoiding misunderstandings between buyers and sellers. Addendums should be carefully drafted to ensure they don’t contradict other parts of the agreement. While simple addendums can often be created without legal assistance, complex changes may benefit from professional legal review to ensure all parties’ interests are protected.