Contracts
An addendum to a real estate contract:
AReplaces the original contract entirely
BIs attached to and made part of the original contract to add or change terms✓ Correct
CIs only enforceable if signed by the buyer's attorney
DMust be recorded with the county to be valid
Explanation
An addendum is a written document attached to and incorporated into the original contract. It adds, modifies, or deletes terms and must be signed by all parties to be binding.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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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