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The document is a Real Estate Purchase Addendum that outlines the terms and conditions of a real estate transaction between a Seller and Purchaser. It includes details on the offer, acceptance, financing contingencies, inspection rights, property condition, repairs, closing costs, and remedies for default. The Purchaser agrees to accept the property in 'as is' condition and waives various rights related to claims against the Seller. The addendum emphasizes strict adherence to timelines and conditions for both parties involved in the sale.

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What is a FHA purchase agreement addendum?

An FHA/VA financing addendum is attached to a purchase contract to state that a buyer with FHA/VA financing can back out of the sale if the appraised property value is less than the asking price.

What is the difference between a deed and an addendum?

An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.

What is the purpose of an addendum in real estate?

A real estate addendum modifies an original lease or purchase agreement. Items in the addendum could reflect a change in the agreed-upon price, what is included in the transfer of property, what improvements must be made before the home is paid for, or any other agreed-upon requests or responsibilities.

What is an example of an addendum?

Deed of Adherence: Adds a new party to an agreement without changing the terms. Addendum: Changes the terms of an agreement between the original parties.

What is a real estate addendum?

In real estate, an addendum is an addition or supplement made to a contract that modifies, clarifies, or adds specific terms or conditions. An addendum should not be confused with an amendment, which modifies a contract that has already been executed.

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