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The video discusses amendments to real estate contracts, emphasizing that amendments can be made during the option period. It highlights the importance of using the appropriate amendment form, which includes references to specific paragraphs (3, 9, and 12) relevant to one to four-family contracts. The speaker advises that while various modifications are possible, it's essential to consult a broker before making changes. Typically, most amendments involve checking one of the provided boxes (1 through 8) on the form. The speaker suggests that amendments can be made at any time but are most commonly executed during the option period.