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 New Jersey Addendum to Real Estate Purchase and Sale Agreement is a legal document that is used to amend or add specific terms, conditions, or provisions to a standard real estate purchase and sale agreement in the state of New Jersey. This addendum ensures that any additional terms and requirements pertaining to the transaction are properly and clearly addressed. One type of New Jersey Addendum is the Appraisal Contingency Addendum. This addendum establishes that the buyer's offer is contingent upon the property being appraised at a minimum value. If the appraisal comes in below the agreed-upon purchase price, the buyer can renegotiate or potentially cancel the contract. Another type of Addendum is the Inspection Contingency Addendum. This addendum gives the buyer the right to have a professional home inspection performed within a specific timeframe. If any significant issues are discovered during the inspection, the buyer may negotiate repairs or credits from the seller. The Financing Contingency Addendum is another type of New Jersey Addendum. This addendum stipulates that the buyer's offer is contingent upon securing satisfactory financing to purchase the property. If the buyer is unable to obtain the necessary financing, they can terminate the contract without any penalty. The Lead-Based Paint Addendum is designed to inform buyers of the potential presence of lead-based paint in properties built before 1978. This addendum outlines the responsibilities of the seller for disclosing information about lead-based paint hazards, as well as the buyer's rights to conduct inspections and receive relevant documentation. It is important to note that there may be other types of addendums specific to the state of New Jersey depending on the unique circumstances of the real estate transaction. These addendums can address various aspects such as property taxes, septic systems, condominium or homeowner association rules, and other specific local requirements. In summary, the New Jersey Addendum to Real Estate Purchase and Sale Agreement is a crucial document that allows for customization and inclusion of additional terms specific to the real estate transaction. It ensures clarity and addresses any contingencies or requirements that are relevant to both the buyer and seller.
