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(Not to be used as an addendum to the Agreement of Sale)

(Not to be used as an addendum to the Agreement of Sale) 2025

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The document is a form for buyers to respond to property inspections and reports, specifically for negotiating repairs or changes in the sale agreement. It outlines the buyer's acceptance of the property's condition, requests for corrective actions by the seller, potential adjustments to seller assistance, and modifications to the purchase price. The form emphasizes that it is not an addendum to the Agreement of Sale and must be followed by an executed addendum for any agreed-upon changes.

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What makes an addendum invalid?

Both Parties Must Review and Understand the Contract A contract addendum cannot be legally enforced unless both parties fully understand and agree to the new terms in writing. Using clear language and ensuring each term and clause is easily comprehended will help parties avoid misunderstandings.

What is the difference between an addendum and an agreement?

An addendum clarifies and adds things not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).

What does an as is addendum mean?

Sometimes a buyer may encounter an addendum that states, as is. This is usually found on a property that is bank-owned. This addendum says that the home is being purchased in its current condition and there will be no repairs made by the seller.

When should an addendum be used?

Addendums are attachments to original contracts that alter the original terms and conditions of the contract. Addendums can be used to alter standard contracts, make adjustments if situations have changed since the original contract was signed, or if the original signers come to a different arrangement.