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 New York Addendum to Contract for Sale and Purchase of Real Property is a legal document used in the state of New York to add additional terms and conditions to a real estate sales contract. This addendum provides a detailed description of the modifications and additions made to the original contract, ensuring clarity and addressing any specific concerns or requirements related to the property transaction. There are various types of New York Addendums to Contract for Sale and Purchase of Real Property that cater to different circumstances and needs. Some common types include: 1. Financing Addendum: This type of addendum is used when the buyer requires financing to complete the real estate transaction. It may include terms related to the buyer's mortgage approval, down payment, loan type, interest rate, or any specific lender requirements. 2. Inspection Addendum: This addendum is utilized to outline the terms pertaining to property inspections. It may specify the inspection type, such as general home inspection, pest inspection, radon inspection, or any other required inspections. Additionally, it may indicate the timeline for conducting inspections, any contingency options, and how inspection-related issues will be addressed. 3. Appraisal Addendum: If the buyer is obtaining a mortgage, this addendum addresses the appraisal process. It may designate the timeline for completing the appraisal, the actions to be taken if the appraisal value differs from the purchase price, and any amendments required due to the appraisal results. 4. Contingency Addendum: This addendum covers contingencies that may affect the real estate transaction. It can include contingencies related to the buyer selling their current property, or any other specific conditions that must be met before the purchase is finalized. 5. Homeowner Association (HOA) Addendum: In cases where the property is located within an HOA, this addendum includes information about the association's rules, regulations, fees, and any other specific requirements that the buyer must be aware of. It is important to carefully review and complete the appropriate New York Addendum to Contract for Sale and Purchase of Real Property that aligns with the specific circumstances of the real estate transaction. Consulting with a real estate attorney or professional is recommended to ensure compliance with the legal requirements and to address any unique considerations related to the property.
