Contracts
In Iowa, an addendum to a purchase agreement must be:
AFiled with the county recorder within 10 days
BSigned by all parties and referenced in the original contract✓ Correct
CPrepared only by an attorney
DNotarized to be enforceable
Explanation
For an addendum to be effective, it must be agreed to and signed by all parties to the contract. Good practice also requires it to reference the original contract.
People Also Study
Related Iowa Questions
- Under Iowa real estate practice, what is an addendum to a purchase agreement?Contracts
- An Iowa buyer signs a purchase agreement but the seller never signs. What is the status of the contract?Contracts
- In Iowa, a purchase agreement signed by a 16-year-old buyer is:Contracts
- Iowa's 'option to purchase' contract differs from a regular purchase agreement because:Contracts
- A property management agreement in Iowa is a contract between:Property Management
- In Iowa, a buyer who has not signed a buyer agency agreement is BEST described as a:Agency
- An Iowa buyer applies for a $250,000 conventional loan. The lender requires the home to appraise at or above the purchase price. The appraised value comes in at $245,000. The buyer's options include all EXCEPT:Finance
- In Iowa, a deed must be signed by whom to be legally valid?Escrow & Title
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.
Study This Topic
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →