Contracts
An addendum to an Indiana purchase agreement is used to:
ACancel the original agreement
BAdd, modify, or clarify terms of the original contract while the contract remains in effect✓ Correct
CReplace the original contract entirely
DRecord the transaction in the county courthouse
Explanation
An addendum is a document added to an existing contract that modifies or adds terms while the underlying contract remains in force. Both parties must sign the addendum for it 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.
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.
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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