Contracts
An amendment to a NH purchase and sale agreement must be:
AVerbal if both parties agree
BWritten and signed by all parties to modify the original contract✓ Correct
CApproved by the broker only
DRecorded at the county registry
Explanation
Modifications to a real estate contract must be in writing and signed by all parties. Oral modifications to written real estate contracts are generally unenforceable under the Statute of Frauds.
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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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