Contracts
What is an 'addendum' versus an 'amendment' in a Nevada purchase agreement?
AThey are the same document with different names
BAn addendum adds new terms or provisions to the original contract (often attached simultaneously), while an amendment modifies existing terms of an already executed contract✓ Correct
CAn addendum is used only for financing contingencies; amendments are for inspection issues
DOnly brokers can prepare amendments; agents may only prepare addenda
Explanation
In Nevada practice, an addendum is typically used to add terms or conditions to the purchase agreement (often at the time of initial offer), while an amendment is used to change previously agreed terms after the contract is executed. Both must be signed by all parties to be effective. Common Nevada addenda include HOA disclosure, seller financing, and as-is addenda.
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