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 Michigan Addendum to Contract for Sale and Purchase of Real Property is a legally binding document specific to the state of Michigan that serves as an additional attachment or modification to the standard contract for the sale and purchase of real estate. This addendum is used to outline any state-specific provisions, terms, or conditions that need to be included in the agreement in accordance with Michigan real estate laws. Some key keywords associated with the Michigan Addendum to Contract for Sale and Purchase of Real Property include: 1. Legal requirements: The Michigan Addendum ensures compliance with the unique legal requirements of the state. It addresses specific provisions related to the disclosure of lead-based paint, radon gas, environmental hazards, and other regulatory aspects. 2. Seller disclosures: The addendum may require the seller to disclose any material defects or known issues with the property, such as structural problems, known zoning violations, or previous flooding incidents. 3. Financing: The Michigan Addendum can include clauses related to financing, such as requiring the buyer to secure mortgage commitments within a specified timeframe or outlining the consequences of failure to obtain financing. 4. Contingencies: The addendum may include provisions for various contingencies, like the buyer's ability to sell their current property before purchasing the new one or the need for a satisfactory home inspection before finalizing the sale. 5. Title and survey matters: The addendum may address specific obligations related to title insurance, survey requirements, or boundary disputes that need to be resolved before the closing. It is essential to note that there might be different types of Michigan Addendums to Contract for Sale and Purchase of Real Property, depending on the particular circumstances of the transaction or any additional provisions that parties wish to include. Commonly, variations could include addendums for commercial real estate transactions, land contracts, lease-purchase agreements, or residential transactions governed by specific HOA (Homeowner Association) rules. It is advisable to consult with a licensed real estate attorney or qualified real estate professional to ensure that the Michigan Addendum to Contract for Sale and Purchase of Real Property is properly drafted, tailored to the specific transaction, and in compliance with the applicable state laws.
