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What are construction addendums?

Addendum (Addenda) Written information adding to, clarifying or modifying the bidding documents. An addendum is generally issued by the owner to the contractor during the bidding process and as such, addenda are intended to become part of the contract documents when the construction contract is executed.

What is the most common sales contract addendum?

1. Buyer contingencies addenda. Buyer contingencies are the most common addenda, according to Justin Ostow, a top real estate agent in Tampa, Florida, who completes 10% more sales than the average agent. Contingencies dictate certain conditions which must be met for the contract to go through.

How long should a builder guarantee work?

A builder's warranty should offer homeowners and buyers peace of mind for ten years. Otherwise known as a structural warranty, this type of insurance ensures that any defects that are found, even several years after construction, will be fixed.

What addendum stands for?

1 : a thing added : addition. 2 : a supplement to a book \u2014often used in plural but singular in construction.

What does addendum mean 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.

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