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.
Franklin Ohio Price Escalation Addendum to Agreement of Sale is a legal document that outlines the terms and conditions related to price escalation in a real estate transaction in Franklin, Ohio. This addendum is typically included in the agreement of sale to protect both the buyer and the seller from financial risks associated with market fluctuations. Keywords: Franklin Ohio, Price Escalation Addendum, Agreement of Sale, real estate transaction, terms and conditions, buyer, seller, financial risks, market fluctuations. There are several types of Franklin Ohio Price Escalation Addendums to Agreement of Sale, including: 1. Fixed Percentage Escalation Addendum: — This addendum specifies a fixed percentage at which the purchase price will be increased if the market value of the property rises above the agreed-upon price during the escrow period. 2. Appraisal Contingency Escalation Addendum: — This addendum allows the buyer to increase the purchase price based on the appraised value of the property. If the appraised value exceeds the agreed-upon price, the buyer can choose to escalate the offer to match the new appraisal. 3. Index-based Escalation Addendum: — This addendum utilizes an index, such as the Consumer Price Index (CPI), to determine the increase in the purchase price. The price is adjusted based on the percentage change in the chosen index over a specified period. 4. Competing Offer Escalation Addendum: — In a competitive real estate market, this addendum allows the buyer to increase their offer if a competing buyer submits a higher bid. The escalation is usually set at a predetermined increment above the competing offer, up to a maximum limit defined in the addendum. These various types of Franklin Ohio Price Escalation Addendums aim to provide flexibility and protection for both buyers and sellers in a volatile real estate market. It is important to consult with a qualified real estate attorney or agent to understand the specific terms and conditions of each type of addendum and how it may impact the transaction.Franklin Ohio Price Escalation Addendum to Agreement of Sale is a legal document that outlines the terms and conditions related to price escalation in a real estate transaction in Franklin, Ohio. This addendum is typically included in the agreement of sale to protect both the buyer and the seller from financial risks associated with market fluctuations. Keywords: Franklin Ohio, Price Escalation Addendum, Agreement of Sale, real estate transaction, terms and conditions, buyer, seller, financial risks, market fluctuations. There are several types of Franklin Ohio Price Escalation Addendums to Agreement of Sale, including: 1. Fixed Percentage Escalation Addendum: — This addendum specifies a fixed percentage at which the purchase price will be increased if the market value of the property rises above the agreed-upon price during the escrow period. 2. Appraisal Contingency Escalation Addendum: — This addendum allows the buyer to increase the purchase price based on the appraised value of the property. If the appraised value exceeds the agreed-upon price, the buyer can choose to escalate the offer to match the new appraisal. 3. Index-based Escalation Addendum: — This addendum utilizes an index, such as the Consumer Price Index (CPI), to determine the increase in the purchase price. The price is adjusted based on the percentage change in the chosen index over a specified period. 4. Competing Offer Escalation Addendum: — In a competitive real estate market, this addendum allows the buyer to increase their offer if a competing buyer submits a higher bid. The escalation is usually set at a predetermined increment above the competing offer, up to a maximum limit defined in the addendum. These various types of Franklin Ohio Price Escalation Addendums aim to provide flexibility and protection for both buyers and sellers in a volatile real estate market. It is important to consult with a qualified real estate attorney or agent to understand the specific terms and conditions of each type of addendum and how it may impact the transaction.
