Contracts
In Missouri, an addendum to a purchase contract:
AReplaces the entire original contract
BModifies or adds to specific terms of the original contract✓ Correct
CMust be approved by MREC
DIs only valid if notarized
Explanation
An addendum modifies or supplements specific terms of the original contract without replacing the entire agreement. It must be signed by all parties and referenced in the original contract.
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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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