Contracts
An addendum to a Minnesota purchase agreement is used to:
AReplace the original purchase agreement entirely
BAdd terms or modify provisions that are part of but separate from the main purchase agreement✓ Correct
CExtend the listing period of the property
DServe as the final closing statement
Explanation
An addendum is a document added to and made part of the purchase agreement to include additional terms, modify provisions, or address specific conditions (such as an inspection addendum or well and septic addendum). 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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