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.
The Wisconsin Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is a legal document designed to supplement an existing contract for the sale and purchase of residential properties in the state of Wisconsin. This addendum serves as an additional agreement between the buyer and seller, and aims to provide more specific terms and conditions that may be unique to the transaction. There are various types of Wisconsin Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate, including but not limited to: 1. Financing Addendum: This addendum addresses the financing terms of the transaction, such as the buyer's intention to obtain a mortgage loan and the associated deadlines and contingencies. 2. Inspection Addendum: This addendum outlines the inspection rights and responsibilities of the parties involved, including the buyer's right to conduct property inspections and request repairs or additional negotiations based on the findings. 3. Appraisal Addendum: This addendum focuses on the property appraisal process, including the buyer's obligation to obtain an appraisal and the course of action if the appraisal value falls below the agreed-upon purchase price. 4. Home Sale Contingency Addendum: This addendum is applicable when the buyer needs to sell their current home to fund the purchase of the new property. It specifies the conditions and deadlines related to the sale of the buyer's existing property. 5. Condominium Addendum: This addendum is used specifically for the sale and purchase of condominium units, addressing condominium association fees, rules, and any restrictions that apply. 6. Lead-Based Paint Addendum: As required by federal law, this addendum discloses the potential presence of lead-based paint in residences constructed before 1978, and it outlines the buyer's rights and obligations under the law. When completing a Wisconsin Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate, it is crucial for both parties to carefully review and ensure that all relevant terms and conditions are included, as they can significantly impact the transaction. It is recommended to consult with a real estate attorney or a licensed real estate professional for guidance throughout the process.
