An addendum is a thing to be added; an addition. For example, it may be used to add supplemental terms or conditions to a contract or make corrections or supply omissions to a document. An addendum is often used to supply additional terms to standardized contracts, such as leases. Addendum is singular; the plural form is addenda.
The Arizona Addendum to Contract for Sale and Purchase of Real Property is a legal document that serves as an additional agreement to an existing contract when buying or selling real estate in Arizona. This addendum is used to modify and supplement specific terms and conditions in the original contract to address certain aspects of the transaction unique to Arizona. There are various types of Arizona Addendum to Contract for Sale and Purchase of Real Property, including: 1. Financing Addendum: This addendum is utilized when the buyer requires financing to purchase the property. It outlines the terms and conditions related to the loan, such as loan type, interest rate, down payment, and loan contingency periods. 2. Appraisal Addendum: When the buyer wants to ensure the property is appraised at or above the agreed-upon purchase price, this addendum is used. It specifies the process for obtaining an appraisal and how the contract can be renegotiated if the appraisal falls short. 3. Inspection/Addendum: This addendum is employed to address various inspection-related matters. It outlines the types of inspections the buyer wishes to conduct, the timeframe for completing inspections, and the resolution process if any issues arise. 4. Additional Clause Addendum: This addendum allows parties to include specific clauses or provisions that are not covered in the main contract. These additional clauses could involve contingencies, special arrangements, or any other terms both parties agree upon. 5. HOA Addendum: If the property is governed by a Homeowners Association (HOA), this addendum is necessary. It includes information about the HOA's rules, regulations, fees, and any pending lawsuits or assessments. 6. Disclosure Addendum: This addendum discloses specific information about the property that the seller is legally required to provide, such as known defects, property history, or any potential liabilities. It is important to consult with a qualified real estate attorney or agent familiar with Arizona real estate laws to determine the exact addendum(s) that should be included in the contract, based on the specific circumstances of the transaction. Using the appropriate addendum ensures that all parties are protected and that the contract conforms to the legal requirements of Arizona real estate transactions.
