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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.
An addendum is a legal attachment to contracts that lists additional terms and conditions not included in the original document. Future changes are also in an addendum. Addenda clarify any ambiguity in a contract. The term derives from Latin, meaning, that which is additional.
Instead of scratching out and handwriting over certain parts of the contract, addendums are drafted and signed to prove both buyer and seller agree. This includes: Modifying the purchase price, closing date, and financing terms.
The document is a Personal Property Addendum to a Purchase and Sale Contract, outlining the terms under which the seller will convey personal property to the purchaser at no monetary value.
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.
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