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Who prepares an addendum?

An addendum can be made by anyone that is involved in the real estate transaction, including third parties such as title companies. 4. They differ in frequency. If there is more than one amendment to an existing contract, the parties will typically re-draft the original agreement to reflect the most current terms.

What is a general addendum?

An addendum is an attachment to a contract that modifies the terms and conditions of the original contract. Addendums are used to efficiently update the terms or conditions of many types of contracts.

What is a FHA financing addendum?

FHA addendums add provisions and enhance protections already on a purchase agreement. They protect the FHA buyer and lender from misrepresentations and can also protect a buyers deposit.

What is the most common real estate contract?

A purchase agreement is the most common type of real estate agreement. This contract specifies the details regarding the sale of property.

What is the purpose of the FHA addendum?

The FHA amendatory clause gives you the right to back out of buying a home without losing any money if the value doesnt at least match the sales price.

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