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When a real estate purchase agreement or contract is executed, and the terms are accepted by both parties, it is a complete and binding document. Should it become necessary to change any aspect of the previously agreed-to terms, an amendment is prepared. It is a document that makes a change to the ratified contract.
An amendment is typically used to change something that's part of an original contract. Think of amendments as modifications to the earliest agreement (for example, altering an agreed-upon deadline). An addendum is used to clarify and add things that were not initially part of the original contract or agreement.
As stated in the caution immediately following the form title, the WB-40 Amendment to Offer to Purchase is used when both parties are agreeing to modify the terms of an accepted offer to purchase.
An Offer to Purchase (OTP) is a legal agreement between a buyer and seller relative to the sale of immovable property. As with most legal contracts, there are pitfalls to be aware of, which are addressed here by Pauline Sannasi-Pillay, Senior Legal Counsel: Absa Home Loans.
An amendment to purchase agreement is a legal document that outlines a significant change or multiple changes to an original purchase agreement.
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The Constitution provides that an amendment may be proposed either by the Congress with a two-thirds majority vote in both the House of Representatives and the Senate or by a constitutional convention called for by two-thirds of the State legislatures.
An amendment to purchase agreement is a legal document that outlines a significant change or multiple changes to an original purchase agreement.
Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.
CAUTION: Use a WB-41 Notice if a Party is giving a Notice which does not require the other Party's agreement. Use a WB-40 Amendment if both Parties will be agreeing to modify the terms of the Offer.
This is a standard form of amending agreement for use where a vendor and purchaser have agreed to modify the agreement of purchase and sale between them for a parcel of commercial real property by adding, changing, or removing sections.

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