Contracts
What is an 'addendum' to an Idaho real estate purchase agreement?
AA document that cancels the original agreement
BAn additional written document attached to and made part of the original agreement, modifying or adding to its terms✓ Correct
CA verbal modification to the contract
DA second purchase agreement for the same property
Explanation
An addendum is a written document that adds to, modifies, or supersedes specific provisions of the original purchase agreement. In Idaho, all addenda must be signed by both parties to be binding.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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