Contracts
In Michigan, an 'addendum' to a purchase agreement is best described as:
AA document that replaces the original contract entirely
BA document that modifies or adds to the terms of the original contract and is made part of it✓ Correct
CA post-closing settlement statement
DA document signed only by the agents
Explanation
An addendum is a separate document that modifies, clarifies, or adds provisions to the original purchase agreement. It must be signed by all parties and incorporated into the agreement 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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