Contracts
An 'addendum' to a NC real estate contract is a document that:
ACancels the original contract
BAdds or modifies terms to the existing contract and is incorporated by reference✓ Correct
CSupersedes all prior agreements
DProvides a separate warranty for the property
Explanation
An addendum adds, modifies, or clarifies terms in the existing contract and becomes part of the contract when signed by all parties.
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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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