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 Maryland Addendum to Contract for Sale and Purchase of Real Property is a legal document used in the state of Maryland to modify or supplement the terms and conditions of the standard contract for the sale and purchase of real estate. This addendum allows the parties involved in a real estate transaction to include specific provisions or clauses that are unique to their situation and not covered in the standard contract. There are several types of Maryland Addendum to Contract for Sale and Purchase of Real Property, each serving a different purpose and addressing specific aspects of the real estate transaction. Some common types of addendums include: 1. Financing Addendum: This addendum is used when the buyer's ability to secure financing is a significant condition of the sale. It outlines the terms related to financing, such as the type of loan, interest rate, loan amount, and any contingencies related to loan approval. 2. Home Inspection Addendum: This addendum allows the buyer to request a home inspection and outlines the terms and conditions related to the inspection. It may specify who will pay for the inspection, the timeline for conducting the inspection, and the process for negotiating repairs or credits based on the inspection findings. 3. Appraisal Addendum: In cases where the buyer is obtaining financing, this addendum addresses the process and requirements for the property appraisal. It may stipulate that the sale is contingent upon the property appraising for a certain value or outline how discrepancies between the sales price and appraised value will be resolved. 4. Lead-Based Paint Addendum: If the property was built before 1978, this addendum is required by federal law to disclose any known information about the presence of lead-based paint and related hazards. It outlines the buyer's rights and responsibilities regarding lead-based paint testing and mitigation. 5. Property Disclosure Addendum: This addendum requires the seller to provide the buyer with detailed information about the condition of the property, including any known defects or issues. It covers areas such as the roof, foundation, plumbing, electrical systems, and any other material facts that may influence the buyer's decision. 6. Homeowners Association (HOA) Addendum: If the property is subject to a homeowners' association, this addendum outlines the buyer's obligations, such as membership fees, rules, and regulations imposed by the association. It ensures that the buyer receives all the necessary information about the HOA before committing to the purchase. It's important to note that this is not an exhaustive list of addendums, as there can be additional addendums specific to a particular real estate transaction or unique circumstances. The Maryland Addendum to Contract for Sale and Purchase of Real Property allows flexibility in tailoring the contract to meet the needs of the parties involved.
