Contracts
In Hawaii real estate transactions, what is an 'addendum'?
AA. A modification that replaces the original contract
BB. A document added to the original contract that modifies or supplements its terms✓ Correct
CC. A disclosure form required by state law
DD. A counter-offer that voids the original offer
Explanation
An addendum is a document attached to and made part of the original contract that modifies, clarifies, or supplements its terms. Unlike a counter-offer, an addendum is agreed upon by both parties and becomes part of the original agreement.
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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.
State-Specific Concepts
Disclosure Requirements
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