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What is the property description addendum?

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 does addendum mean in real estate?

To avoid any uncertainty, and the possibility of a later dispute, we strongly encourage agents to make sure that all addenda attached to a contract are signed by all parties.

What is an example of an addendum?

A contract addendum is a post-contract attachment that modifies, alters, or changes some of the terms of a previously established contract. Typically, this adds something new to a preexisting document. Once all parties in a contract agree to an addendum, it becomes a part of the new contract.

How do you assess vacant land?

The sales comparison approach is the most common and straightforward method to value vacant land. It involves finding recent sales of comparable properties in the same or similar market and adjusting for differences in size, shape, location, zoning, utilities, access, and other factors.