Contracts
In Maryland, an addendum to a purchase contract is typically used to:
AReplace the original contract entirely
BAdd, modify, or clarify specific terms while keeping the original contract in place✓ Correct
CCancel the transaction
DConvert an exclusive listing to an open listing
Explanation
An addendum modifies or adds to specific provisions of the original contract. It must be signed by all parties and becomes part of the overall agreement.
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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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