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So using the addendum will ultimately make it easier on you as a real estate agent. You create the addendum, you send it to escrow and escrow creates the amendment to the deal and includes it in the escrow instructions.

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.

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.

An amendment modifies a preexisting clause or multiple clauses in a contract. Consider amendments as changes to the original agreement (for example, extending a previously agreed-upon deadline).

An amendment is used after the contract has been agreed to and signed. For example, if the Buyer and Seller have already entered into a Purchase Contract and want to change the purchase price, an amendment should be used to reflect that change on the Purchase Contract.

A purchase agreement amendment is a legal document that changes the terms and conditions of an existing purchase agreement. It becomes binding after the buyer and seller have signed and should be attached to the original agreement.