A residential purchase agreement addendum is a document that adds new terms to the purchase agreement for a home. It is typically used when the parties wish to modify the original sale terms or if the property inspection uncovered defects in the home. The addendum provides new terms and conditions, such as a requirement for repairs, a reduction in the sale price, or an extension of the closing date.
RESIDENTIAL PURCHASE AGREEMENT ADDENDUM
1. THE PARTIES. This Residential Purchase Agreement Addendum (“Addendum”) made this [MM/DD/YYYY] is by and between:
Seller: [SELLER’S NAME] (“Seller”) and
Buyer: [BUYER’S NAME] (“Buyer”).
The Seller and Buyer are each referred to herein as a “Party” and, collectively, as the “Parties.”
2. ORIGINAL AGREEMENT. This Addendum is being added to the purchase agreement between the Parties, dated [MM/DD/YYYY], for the property located at [PROPERTY ADDRESS] (“Original Agreement”).
3. ADDITIONAL TERMS. The following terms and conditions shall be added to the Original Agreement: [PROVIDE ADDITIONAL TERMS].
Except as specifically mentioned in this Addendum, all other terms and conditions of the Original Agreement shall remain in full force and effect.
4. EXECUTION. This Addendum may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Seller’s Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [SELLER’S NAME]
Buyer’s Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [BUYER’S NAME]
How to Write
A purchase agreement addendum can be used to add any new information to the purchase agreement. Generally speaking, the form will contain at least the following
- Party Information. The addendum should identify the involved parties.
- Original Agreement. The signing date of the original agreement and property address should be specified.
- New Terms. The parties should state the terms they are adding to the purchase agreement.
- Signatures. The parties must sign the addendum and provide the execution date.