Contracts
An addendum to a NJ real estate contract is used to:
AReplace the entire original contract
BAdd or modify specific terms while keeping the original contract in effect✓ Correct
CCancel the attorney review period
DExtend the listing agreement
Explanation
An addendum adds to or modifies specific provisions of the original contract while the rest of the contract remains in force. All parties must sign the addendum for it to be binding.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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