An instrument modifying or rescinding a contract should identify the contract with certainty. The parts of the contract to be changed should be clearly expressed, and the change itself clearly set forth. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Rhode Island Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is a legal document used in real estate transactions in Rhode Island. It is often attached to the standard contract and includes additional terms, conditions, or provisions specific to the state. When completing a Rhode Island Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate, it is important to provide accurate and relevant information, making the document comprehensive and legally binding. This addendum serves to address specific aspects of the property transaction that may not be covered in the main contract. Some common types of Rhode Island Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate include: 1. Inspection Contingency Addendum: This addendum stipulates the conditions for property inspections and the rights of the buyer or seller. It may cover the scope and timing of inspections, repairs, or potential renegotiation based on the inspection results. 2. Financing Contingency Addendum: This particular addendum outlines the conditions related to obtaining financing for the property. It establishes deadlines for loan approval, mortgage commitment, and the consequences if the buyer fails to secure adequate financing. 3. Lead-Based Paint Disclosure Addendum: This addendum is crucial when dealing with properties built before 1978, as it informs the buyer of the risks associated with lead-based paint. It satisfies the federal disclosure requirements and ensures that the buyer is aware of potential hazards. 4. Appraisal Contingency Addendum: This addendum specifies the terms concerning property appraisal. It typically allows the buyer to back out of the contract if the appraised value falls below the agreed purchase price, unless an amendment is made to adjust the price accordingly. 5. Homeowners Association (HOA) Addendum: If the property is subject to a homeowners' association, this addendum outlines the rights, obligations, and fees associated with the HOA. It ensures that both buyer and seller understand their obligations regarding the association prior to closing. 6. Radon Gas Disclosure Addendum: This addendum discloses the presence or potential existence of radon gas to the buyer. It may require testing or mitigation processes to ensure the property's safety. When using a Rhode Island Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate, it is crucial to consult with a qualified real estate attorney or agent to ensure compliance with Rhode Island state laws and regulations. Carefully draft and review all terms, conditions, and provisions to protect the interests of both the buyer and seller in the transaction.
