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 Virginia Addendum to Real Estate Purchase and Sale Agreement is a document that is used in the state of Virginia to supplement and modify the terms and conditions of a standard Real Estate Purchase and Sale Agreement. It is typically attached to the main contract and becomes an integral part of the agreement between the buyer and seller. This addendum is used to address specific aspects or contingencies related to the real estate transaction that are unique to Virginia. It provides a platform for both parties involved in the transaction to negotiate and include specific provisions that are important to them. The Virginia Addendum to Real Estate Purchase and Sale Agreement covers a wide range of topics and can vary depending on the specific requirements of the transaction. Some common types of Virginia Addendum to Real Estate Purchase and Sale Agreement include: 1. Financing Contingency Addendum: This addendum typically includes terms related to the buyer's financing and outlines the conditions that must be met for the purchase to proceed. It may specify the type of financing, the amount, interest rates, and deadlines for securing the loan. 2. Home Inspection Addendum: This addendum addresses the buyer's right to conduct inspections on the property before finalizing the purchase. It may detail the specific inspection items, inspection timeframes, and procedures for negotiating repairs or credits based on the inspection results. 3. Appraisal Contingency Addendum: This addendum typically outlines the conditions related to the appraisal of the property and specifies the actions that will be taken if the appraised value is lower than the agreed-upon purchase price. It may include provisions for renegotiation, price reduction, or termination of the contract. 4. Property Disclosure Addendum: This addendum is used to ascertain that the seller has provided all necessary disclosures regarding the condition of the property. It may include information about the property's history, known defects or hazards, and any warranties or guarantees. 5. Homeowners' Association (HOA) Addendum: This addendum applies when the property is part of a homeowners' association, and outlines the rights and responsibilities of both the buyer and seller regarding HOA rules, fees, covenants, conditions, and restrictions. It is important to note that there may be additional addendums or variations specific to certain transactions or circumstances. It is crucial for both parties to thoroughly review the Virginia Addendum to Real Estate Purchase and Sale Agreement and consult with legal professionals or real estate agents to ensure they fully understand and comply with its terms.
