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 Wisconsin Addendum to Real Estate Purchase and Sale Agreement is a legal document that is used to modify or supplement the terms and conditions of a standard real estate purchase and sale agreement in the state of Wisconsin. This addendum is specifically designed to address any unique aspects or requirements of the Wisconsin real estate market or state laws. Some relevant keywords associated with the Wisconsin Addendum to Real Estate Purchase and Sale Agreement include: 1. Additional Terms: This section outlines any additional terms and conditions that the parties want to incorporate into the agreement. These additional terms may cover specific contingencies, finance arrangements, or disclosures required by Wisconsin law. 2. Financing Contingency: This addendum includes provisions related to the buyer's ability to secure financing for the purchase. It may include the specific conditions that must be met for the financing contingency to be satisfied. 3. Inspection Contingency: This section outlines the terms of the inspection period and the buyer's rights and obligations related to property inspections. It may specify the timeframe for inspections, the types of inspections allowed, and the process for addressing any issues discovered during the inspection. 4. Lead Paint Disclosure: The Wisconsin Addendum may require the seller to provide a lead paint disclosure statement if the property was built before a certain year. This is in accordance with federal and state laws requiring the disclosure of lead-based paint hazards to potential buyers. 5. Radon Testing: Wisconsin is known for having a higher likelihood of elevated radon gas levels in homes. Therefore, the Addendum may include provisions related to radon testing, mitigation, and the allocation of costs for testing and remediation. 6. Termite Inspection: This addendum may also require a termite inspection and outline the obligations of the seller and buyer regarding any necessary treatments or repairs. 7. Property Legal Description: The Wisconsin Addendum may include a section where a detailed legal description of the property is provided. This is essential for accurate identification of the property being bought or sold. Different types of Wisconsin Addendum to Real Estate Purchase and Sale Agreement may exist based on the needs and circumstances of the parties involved. For example, there may be specific addendums related to rural properties, commercial properties, or condominiums. These addendums would address the unique aspects and considerations associated with each type of property. It is important to note that this description provides a general overview of the Wisconsin Addendum to Real Estate Purchase and Sale Agreement and may not encompass all possible variations or specific provisions that may be included in different types of addendums. It is recommended to consult a qualified real estate attorney or professional for accurate and specific information related to a particular transaction.
