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.
Los Angeles California Addendum to Contract for Sale and Purchase of Real Property is a legal document that serves as an additional agreement or modification to a primary contract between the buyer and seller of real estate in Los Angeles, California. This addendum is used to include specific terms and conditions that are unique to the property or transaction being negotiated. It is crucial to use the correct addendum to ensure all necessary information is accurately outlined and protected within the contract. There are various types of Los Angeles California Addendum to Contract for Sale and Purchase of Real Property, which are commonly used based on specific situations and requirements. Some of these addendums include: 1. Financing Addendum: This addendum is used when the buyer requires financing to complete the purchase. It provides details regarding the type of financing, interest rates, down payment, and any related terms and conditions. 2. Inspection Addendum: This addendum is utilized when the buyer wants to conduct inspections of the property before finalizing the sale. It outlines the specific inspections to be performed, deadlines for completion, and procedures for addressing any issues discovered during the inspection. 3. Appraisal Addendum: In cases where the buyer's lender requires an appraisal to determine the property's market value, this addendum includes the details related to the appraisal process, deadlines, and contingent clauses regarding the appraisal results. 4. Contingencies Addendum: In certain situations, additional contingencies may be included in the contract. These contingencies might include the sale of the buyer's existing property, approval of HOA (Homeowners Association), or satisfaction of specific conditions before the transaction can proceed. 5. Disclosure Addendum: This addendum is crucial for sellers to disclose any known material defects or issues with the property, complying with California's real estate disclosure requirements. 6. As-Is Addendum: If the buyer accepts the property in its current condition without any seller warranties or representations, an As-Is addendum is included. This addendum indicates that the buyer acknowledges and accepts any existing defects or issues with the property. Other addendums may also be used depending on the specific circumstances of the transaction, such as leaseback addendum, homeowner association addendum, or contingency removal addendum. It is important for both parties to consult with a real estate attorney or experienced real estate professional to select the appropriate addendum and ensure all necessary details are accurately included in the contract.Los Angeles California Addendum to Contract for Sale and Purchase of Real Property is a legal document that serves as an additional agreement or modification to a primary contract between the buyer and seller of real estate in Los Angeles, California. This addendum is used to include specific terms and conditions that are unique to the property or transaction being negotiated. It is crucial to use the correct addendum to ensure all necessary information is accurately outlined and protected within the contract. There are various types of Los Angeles California Addendum to Contract for Sale and Purchase of Real Property, which are commonly used based on specific situations and requirements. Some of these addendums include: 1. Financing Addendum: This addendum is used when the buyer requires financing to complete the purchase. It provides details regarding the type of financing, interest rates, down payment, and any related terms and conditions. 2. Inspection Addendum: This addendum is utilized when the buyer wants to conduct inspections of the property before finalizing the sale. It outlines the specific inspections to be performed, deadlines for completion, and procedures for addressing any issues discovered during the inspection. 3. Appraisal Addendum: In cases where the buyer's lender requires an appraisal to determine the property's market value, this addendum includes the details related to the appraisal process, deadlines, and contingent clauses regarding the appraisal results. 4. Contingencies Addendum: In certain situations, additional contingencies may be included in the contract. These contingencies might include the sale of the buyer's existing property, approval of HOA (Homeowners Association), or satisfaction of specific conditions before the transaction can proceed. 5. Disclosure Addendum: This addendum is crucial for sellers to disclose any known material defects or issues with the property, complying with California's real estate disclosure requirements. 6. As-Is Addendum: If the buyer accepts the property in its current condition without any seller warranties or representations, an As-Is addendum is included. This addendum indicates that the buyer acknowledges and accepts any existing defects or issues with the property. Other addendums may also be used depending on the specific circumstances of the transaction, such as leaseback addendum, homeowner association addendum, or contingency removal addendum. It is important for both parties to consult with a real estate attorney or experienced real estate professional to select the appropriate addendum and ensure all necessary details are accurately included in the contract.
