Contracts
In a Kentucky real estate contract, an addendum is used to:
ACancel terms already agreed upon
BAdd terms or modify the original contract✓ Correct
CReplace the original contract entirely
DRecord the contract at the county clerk's office
Explanation
An addendum adds to or modifies the terms of the original contract. 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.
State-Specific Concepts
DRE Regulation
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