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Post-Contract Amendments Until an amendment is finalized and agreed to by both parties, the existing, unamended terms of the contract will remain enforceable. If the amendment is never agreed to then the original terms of the contract of purchase and sale will continue to govern.

R.S. 55(A)(17): Failure by an associate broker or salesperson to place, as soon after receipt as practicable, in the custody of his licensed broker any deposit money or other money or funds entrusted to him by any person dealing with him as the representative of his licensed broker or in connection with any ...

A contract amendment vs addendum are terms used when changing or adding to an original document. An amendment makes changes to an already existing agreement whereas an addendum adds an additional document to the existing agreement.

For example, ?This Addendum amends the Agreement dated [DATE] between [PARTY 1 NAME] and [PARTY 2 NAME].? Clear and specific language outlining the changes, clarifications or additions being made. This should leave no ambiguity regarding how the original contract is being modified.

The amendment can be created to meet your specific needs for your deal. Typically you would have an attorney draft up an amendment if it's not already included in the original PSA document. Once the amendment to a purchase and sale agreement is drafted, it will be signed by both parties to become legally binding.

Also known as contract variations, contract amendments are documents used to make a mutually agreed-upon change to a preexisting contract. Depending on your needs, an amendment can change the following: The length or term of a contract. The fees or price for a service or product. Parties' duties and liabilities.