Contracts
What is an 'addendum' to a real estate contract?
AA court document modifying the contract terms
BA document attached to and made part of the contract that adds or modifies terms✓ Correct
CA seller's disclosure statement
DA separate listing agreement
Explanation
An addendum is a written document added to the original contract that becomes part of it. Addenda are used to add new terms, modify existing terms, or include special conditions (such as financing terms or property-specific provisions).
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
State-Specific Concepts
Disclosure Requirements
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