Real Estate Addendum
REAL ESTATE ADDENDUM
I. Introduction
This Real Estate Addendum (the "Addendum") is made as of August 8, 2055, and supplements the real estate purchase agreement (the "Contract") dated July 15, 2055, between John Doe (the "Buyer") and [Your Name] (the "Seller"). This Addendum outlines the modifications and additional terms agreed upon by the parties to ensure clarity and mutual agreement on the terms of the sale.
II. Parties Involved
|
Role |
Name |
Phone Number |
Email Address |
|---|---|---|---|
|
Buyer |
John Doe |
(555) 123-4567 |
john.doe@example.com |
|
Seller |
[Your Name] |
(555) 987-6543 |
[Your Email] |
III. Reference to Original Contract
This Addendum is intended to modify and supplement the Contract dated July 15, 2055. All other terms and conditions of the Contract remain unchanged and in full force, except as specifically amended by this Addendum.
IV. Terms and Conditions
A. Inspection Contingency
The Buyer has requested additional time for a thorough home inspection. The Seller agrees to extend the inspection period until August 22, 2055. The Seller will address any significant issues discovered during the inspection, including repairs to the roof and plumbing system. Any repairs or necessary changes identified must be completed by September 5, 2055.
B. Financing Contingency
Due to delays in the Buyer’s loan application, the closing date is hereby extended to September 15, 2055. This extension provides additional time for the Buyer to obtain final loan approval and complete the mortgage process. The Buyer must provide written confirmation of loan approval by September 8, 2055.
C. Closing Date Change
The original closing date of August 10, 2055, is now rescheduled to September 15, 2055. This adjustment accommodates the additional time needed for financing and inspection. The Seller agrees to make the property available for a final walkthrough on September 12, 2055.
D. Seller Concessions
The Seller agrees to contribute $2,000 towards the Buyer’s closing costs. This concession will be reflected as a credit on the final settlement statement. Additionally, the Seller will provide a home warranty covering major systems and appliances for one year.
E. Contingency for Sale of Buyer’s Home
The Buyer’s obligation to complete the purchase is contingent upon the sale of their current residence located at 789 Pine Street, Hometown, ST 12345. The Buyer must provide proof of sale or a binding contract for the sale of their home by September 10, 2055. If the Buyer fails to do so, the Seller reserves the right to terminate this agreement without penalty.
V. Effective Date
This Addendum shall become effective as of the date first written above, August 8, 2055. All modifications and additional terms outlined herein shall be incorporated into and considered part of the original Contract.
VI. Signatures
By signing below, the parties acknowledge and agree to the terms and conditions outlined in this Addendum.
John Doe
Buyer
[DATE SIGNED]
[Your Name]
Seller
[DATE SIGNED]
