Contracts
In Indiana, an addendum to a real estate contract is:
AA separate document that modifies or adds terms to the original contract✓ Correct
BA cancellation of the original contract
CA summary of closing costs
DThe final version of the listing agreement
Explanation
An addendum is a separate document that is attached to and made part of an existing contract, modifying, clarifying, or adding terms. Addenda must be signed by all parties to be binding.
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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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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.
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