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.
Real propertysales agreements often have addenda (plural of addendum) as the buyer and seller negotiatefine points (how payments will be made, what appliances will be included, date of transfer oftitle, the terms of financing by the seller and the like). Although often they are not, addendashould be signed separately and attached to the original agreement so that there will be noconfusion as to what is included or intended.
The Delaware Addendum to Real Estate Purchase and Sale Agreement is a legal document specific to the state of Delaware that is used to modify or add additional terms and conditions to a standard real estate purchase and sale agreement. This addendum is typically used when there are specific requirements or provisions that are unique to Delaware that need to be included in the agreement. Some of the key provisions that may be included in the Delaware Addendum to Real Estate Purchase and Sale Agreement include: 1. Property condition: This provision may require the seller to provide certain disclosures regarding the condition of the property, such as the presence of lead paint, asbestos, or other hazardous materials. It may also outline any specific inspections or tests that the buyer has the right to conduct before completing the purchase. 2. Financing contingencies: This provision may outline any specific financing requirements or contingencies that need to be met for the sale to proceed. It may specify the type of financing the buyer is seeking and the timeline for obtaining the financing. 3. Title issues: This provision may address any potential title issues that need to be resolved before the sale can be completed. It may require the seller to provide a clear title and may specify the timeframe for the resolution of any title defects. 4. Property taxes: This provision may specify how property taxes will be addressed in the purchase agreement. It may outline who is responsible for any unpaid taxes or prorates the taxes between the buyer and the seller based on the closing date. 5. Homeowners association (HOA) fees: If the property is part of a homeowners' association, this provision may outline the fees and any restrictions or requirements imposed by the HOA. It may also specify who is responsible for paying any outstanding fees or assessments. 6. Closing costs: This provision may specify how closing costs will be allocated between the buyer and the seller. It may outline the specific costs that each party is responsible for, such as attorney fees, title insurance, and transfer taxes. 7. Dispute resolution: This provision may specify the process for resolving any disputes that may arise between the buyer and the seller during the transaction. It may outline whether arbitration or mediation is required before resorting to litigation. It is important to note that there may be different types or variations of the Delaware Addendum to Real Estate Purchase and Sale Agreement, depending on the specific circumstances or requirements of the transaction. These variations may include different provisions or additional clauses based on factors such as the type of property (residential, commercial, etc.), the presence of specific environmental hazards, or unique local regulations.The Delaware Addendum to Real Estate Purchase and Sale Agreement is a legal document specific to the state of Delaware that is used to modify or add additional terms and conditions to a standard real estate purchase and sale agreement. This addendum is typically used when there are specific requirements or provisions that are unique to Delaware that need to be included in the agreement. Some of the key provisions that may be included in the Delaware Addendum to Real Estate Purchase and Sale Agreement include: 1. Property condition: This provision may require the seller to provide certain disclosures regarding the condition of the property, such as the presence of lead paint, asbestos, or other hazardous materials. It may also outline any specific inspections or tests that the buyer has the right to conduct before completing the purchase. 2. Financing contingencies: This provision may outline any specific financing requirements or contingencies that need to be met for the sale to proceed. It may specify the type of financing the buyer is seeking and the timeline for obtaining the financing. 3. Title issues: This provision may address any potential title issues that need to be resolved before the sale can be completed. It may require the seller to provide a clear title and may specify the timeframe for the resolution of any title defects. 4. Property taxes: This provision may specify how property taxes will be addressed in the purchase agreement. It may outline who is responsible for any unpaid taxes or prorates the taxes between the buyer and the seller based on the closing date. 5. Homeowners association (HOA) fees: If the property is part of a homeowners' association, this provision may outline the fees and any restrictions or requirements imposed by the HOA. It may also specify who is responsible for paying any outstanding fees or assessments. 6. Closing costs: This provision may specify how closing costs will be allocated between the buyer and the seller. It may outline the specific costs that each party is responsible for, such as attorney fees, title insurance, and transfer taxes. 7. Dispute resolution: This provision may specify the process for resolving any disputes that may arise between the buyer and the seller during the transaction. It may outline whether arbitration or mediation is required before resorting to litigation. It is important to note that there may be different types or variations of the Delaware Addendum to Real Estate Purchase and Sale Agreement, depending on the specific circumstances or requirements of the transaction. These variations may include different provisions or additional clauses based on factors such as the type of property (residential, commercial, etc.), the presence of specific environmental hazards, or unique local regulations.
