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What is the reason for addendum?

The function of an addendum is to modify, clarify, or nullify a portion of the original document, which could be as simple as extending the dates for which the contract is valid or as complex as redefining the payment schedules and deliverables.

What is a listing 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.

What is the role of an addendum?

The purpose of an addendum is to modify, clarify, or introduce new terms and conditions to the original document. Think of an addendum as a way to amend or update a contract without having to rewrite it from scratch.

What is the purpose of 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.

Are addendums legally binding?

Heres the thing about addendums: theyre legally binding. Once everyone signs on the dotted line (or uses an electronic signature), that addendum becomes part of the original contract. Thats why its super important to make sure your addendum is crystal clear.