Contracts
In Missouri, a rider (addendum) to a purchase contract must be:
AFiled with the county recorder
BSigned by all parties to be binding✓ Correct
CNotarized
DApproved by MREC
Explanation
An addendum or rider modifies the purchase contract and must be signed by all parties to the contract to be legally 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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