The Sales Addendum (Real Estate) serves as a crucial modification tool in real estate transactions across the United States. It becomes necessary when parties need to alter terms of an existing purchase agreement due to new circumstances, inspection findings, or negotiated changes. This document must conform to both federal regulations and state-specific requirements, providing a legally sound method to document changes while maintaining the validity of the original contract. It typically includes modifications to purchase price, closing dates, contingencies, or other material terms.
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1. Property Description: Detailed description of the property being sold, including address and legal description
2. Purchase Price Adjustment: Any modifications to the original purchase price and payment terms
3. Terms and Conditions: Additional or modified terms from the original agreement
4. Integration Clause: Statement confirming this addendum becomes part of the original agreement
1. Inspection Contingencies: Additional terms regarding property inspections and any modifications to inspection requirements
2. Financing Terms: Modified or additional financing requirements from the original agreement
3. Closing Date Modification: Changes to the closing timeline and related adjustments
4. Property Repairs: Specific requirements for repairs or improvements to be made before closing
1. Schedule A - Property Details: Detailed property specifications or modifications from original agreement
2. Schedule B - Price Adjustments: Itemized list of price modifications and calculations
3. Schedule C - Additional Terms: Any supplementary terms or conditions not covered in main addendum
4. Appendix 1 - Required Disclosures: State-specific required disclosures and acknowledgments
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