Contracts
In New Jersey, an 'addendum' to a real estate contract is:
AA separate document that replaces the entire original contract
BA document added to and made part of the original contract, modifying or supplementing its terms✓ Correct
COnly valid if prepared by an attorney
DA type of counteroffer that voids the original contract
Explanation
An addendum is an attachment to a contract that adds, modifies, or clarifies specific terms while the original contract remains in force. Both parties must sign the addendum for it to be enforceable.
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Key Terms to Know
Earnest Money
A 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.
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.
State-Specific Concepts
DRE Regulation
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