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 Washington Addendum to Real Estate Purchase and Sale Agreement is a legal document that serves as an extension to the standard purchase and sale agreement when conducting real estate transactions in the state of Washington. It is an important tool that helps define and specify additional terms and conditions that are specific to Washington state laws and regulations. This addendum may include several types, each catering to various requirements and circumstances. Some common types of the Washington Addendum to Real Estate Purchase and Sale Agreement are: 1. Financing Addendum: This type of addendum outlines the buyer's financing arrangements, including the type of financing (such as conventional, FHA, or VA loans), the loan amount, interest rate, and any contingencies related to the buyer's ability to secure financing. 2. Inspection Addendum: This addendum establishes the conditions and time frame under which inspections can be conducted on the property. It may include provisions for a home inspection, pest inspection, radon inspection, or any other specific inspections necessary for the transaction. 3. Appraisal Addendum: The appraisal addendum specifies the process and conditions for obtaining a professional appraisal of the property. It outlines the timeframe for completing the appraisal and the potential actions that may be taken by the buyer or seller based on the appraised value. 4. Homeowner's Association Addendum: This addendum is used when the property is part of a homeowner's association (HOA). It outlines the rules, responsibilities, and fees associated with the HOA, including details on any pending special assessments or violations affecting the property. 5. Seller Financing Addendum: In cases where the seller will provide financing to the buyer, this addendum outlines the terms, including the interest rate, payment schedule, and any contingencies related to the buyer's ability to secure financing from the seller. 6. Contingencies Addendum: This addendum covers specific contingencies that must be met for the sale to proceed, such as the sale of the buyer's existing property, inspection results, or the buyer's ability to obtain insurance. 7. Dispute Resolution Addendum: This type of addendum establishes the method and process for resolving disputes that may arise during the transaction. It may include provisions for mediation, arbitration, or litigation. These are a few examples of the various types of Washington Addendum to Real Estate Purchase and Sale Agreements. It is important to consult with a real estate attorney or professional to determine the most suitable addendum based on the specific circumstances of the transaction.
