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.
Chicago Illinois Addendum to Contract for Sale and Purchase of Real Property is a legal document that serves as an additional attachment to the main contract between the buyer and seller in a real estate transaction within the city of Chicago, Illinois. The purpose of this addendum is to include specific terms and conditions that are unique to the local real estate market and comply with the state and local laws and regulations. This addendum is often used to address various aspects related to the purchase or sale of a property in Chicago, including: 1. Property Inspection: The addendum may stipulate that the buyer has the right to conduct a professional inspection of the property within a specified timeframe. It may also specify any requirements for bringing the property up to code or rectifying any issues found during the inspection. 2. Appraisal Contingency: This addendum may outline the conditions for the buyer's ability to terminate the contract or renegotiate the purchase price if the property does not appraise for an agreed-upon value. 3. Mortgage Financing: The addendum can include clauses related to mortgage financing, such as the buyer's obligation to obtain pre-approval or final loan approval within a certain period. It may also specify the consequences if the buyer fails to secure financing. 4. Closing Costs: The addendum may define the party responsible for various closing costs, including title insurance, transfer taxes, attorney fees, and any other expenses incurred during the closing process. 5. Property Taxes: This addendum can address the proration of property taxes between the buyer and seller based on the time of property transfer. 6. Homeowners Association (HOA) Documents: If the property is part of an HOA, the addendum can require the seller to provide all necessary HOA documents, including financial statements, bylaws, rules, and regulations, to the buyer for review and approval. Other types of Chicago Illinois Addendum to Contract for Sale and Purchase of Real Property may include specific clauses related to: — Personal Property: This addendum defines any personal property, such as appliances or fixtures, included or excluded from the sale. — Contingencies: The addendum can outline additional contingencies, such as a home sale contingency where the buyer must sell their existing home before closing on the purchase of the Chicago property. — Repairs and Maintenance: This addendum may outline any repair or maintenance obligations of the buyer or seller, particularly if there are specific local requirements or ordinances that need to be addressed. When drafting or reviewing a Chicago Illinois Addendum to Contract for Sale and Purchase of Real Property, it is crucial to consult with a qualified real estate attorney or agent familiar with the local laws and regulations to ensure its compliance.Chicago Illinois Addendum to Contract for Sale and Purchase of Real Property is a legal document that serves as an additional attachment to the main contract between the buyer and seller in a real estate transaction within the city of Chicago, Illinois. The purpose of this addendum is to include specific terms and conditions that are unique to the local real estate market and comply with the state and local laws and regulations. This addendum is often used to address various aspects related to the purchase or sale of a property in Chicago, including: 1. Property Inspection: The addendum may stipulate that the buyer has the right to conduct a professional inspection of the property within a specified timeframe. It may also specify any requirements for bringing the property up to code or rectifying any issues found during the inspection. 2. Appraisal Contingency: This addendum may outline the conditions for the buyer's ability to terminate the contract or renegotiate the purchase price if the property does not appraise for an agreed-upon value. 3. Mortgage Financing: The addendum can include clauses related to mortgage financing, such as the buyer's obligation to obtain pre-approval or final loan approval within a certain period. It may also specify the consequences if the buyer fails to secure financing. 4. Closing Costs: The addendum may define the party responsible for various closing costs, including title insurance, transfer taxes, attorney fees, and any other expenses incurred during the closing process. 5. Property Taxes: This addendum can address the proration of property taxes between the buyer and seller based on the time of property transfer. 6. Homeowners Association (HOA) Documents: If the property is part of an HOA, the addendum can require the seller to provide all necessary HOA documents, including financial statements, bylaws, rules, and regulations, to the buyer for review and approval. Other types of Chicago Illinois Addendum to Contract for Sale and Purchase of Real Property may include specific clauses related to: — Personal Property: This addendum defines any personal property, such as appliances or fixtures, included or excluded from the sale. — Contingencies: The addendum can outline additional contingencies, such as a home sale contingency where the buyer must sell their existing home before closing on the purchase of the Chicago property. — Repairs and Maintenance: This addendum may outline any repair or maintenance obligations of the buyer or seller, particularly if there are specific local requirements or ordinances that need to be addressed. When drafting or reviewing a Chicago Illinois Addendum to Contract for Sale and Purchase of Real Property, it is crucial to consult with a qualified real estate attorney or agent familiar with the local laws and regulations to ensure its compliance.
