Contracts
In Colorado real estate contracts, an 'addendum' is best described as:
AA document that voids the original contract
BA document added to and made part of the contract that modifies or supplements its terms✓ Correct
CA separate independent agreement unrelated to the main contract
DA warranty document provided by the seller
Explanation
An addendum is a document that is attached to and made part of the original contract. It may add new terms or modify existing terms.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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