Purchase Agreement Addendum & Disclosures

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Purchase agreement addendums, or “amendments,” are added to a real estate purchase agreement to expand or amend its terms and conditions. The addendum must be signed by both buyer and seller to become in effect. After signing, the addendum should be attached to the original purchase agreement.

Table of Contents

By Type (10)

Closing Date Extension Addendum – If, for any reason, the closing date must be extended.

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Condominium Association Addendum – If the property is a condominium association, a copy of the association’s bylaws, rules, and any other agreements must be provided to the buyer for their review.

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Earnest Money Release – If the buyer has decided to void the purchase agreement, within their rights, and elects to retrieve their earnest money deposit being held by the seller or seller’s agent.

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Escrow Holdback Agreement Addendum – If the seller makes a promise to perform after the closing, funds will be held in escrow until the performance is complete.

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Estoppel Certificate Addendum – Use if the lender wants the seller to verify the lease(s) on the property. The tenant(s) on will be required to sign the estoppel with their lease attached.

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Inspection Contingency Addendum – Allows the buyer to enter into a purchase agreement that is contingent on a part of or the entire property passing a clean inspection by a licensed third (3rd) party.

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Seller Financing Addendum – Details the financing terms if the seller is to provide a loan to the buyer.

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Short-Sale Addendum – Describes the terms a bank is willing to sell the property to a prospective buyer. Details time limits and approval that is necessary in order to enter into a binding arrangement.

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Termination Letter to Purchase Agreement – For the buyer and seller to officially cancel their agreement and release liability to one another.

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Third (3rd) Party Financing Addendum – If financing is required by the buyer in order to complete the purchase of the property (conventional loan, FHA loan, VA loan, etc.).

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Disclosures (2)

Lead-Based Paint Addendum – Required to be attached to any agreement where the property was constructed prior to 1978.

Property Disclosure Statement – Required in most States to be issued to the buyer at the time an offer is made or thereafter. Gives a detailed profile of the condition of the property with any material defects known by the seller.

What is a Purchase Addendum?

Definition/meaning: A purchase addendum is any type of written language that supports or modifies an existing agreement or contract. There is no official document that acts as an addendum, any written document can be seen as an addendum if it’s attached to the original document titled as an addendum. Addendums can be broad or specific in nature, depending on its purpose.

Purchase Addendums are most commonly used with the following:

  • Contracts
  • Leases
  • Purchase Agreements
  • Pets
  • Finance
  • Laws

How to Create a Purchase Addendum (4 steps)

An addendum is added either as a disclosure to inform the buyer of an actual or potential issue on the premises. For example, the lead-based paint addendum is required if the home was built before 1978 to caution the new owner for any falling or chipping paint.

Step 1 – Get the Original Purchase Agreement

The buyer and seller should get a copy of the original purchase agreement. They will need to review and find its effective date in order to reference the agreement in the addendum.

Step 2 – Write the Addendum

Complete a blank addendum (Adobe PDF, Microsoft Word (.docx), or Open Document Text (.odt)) or use one (1) of the Specific Types.

Be sure to include the following:

  • Purchase Agreement Effective Date (for reference);
  • Buyer’s Name;
  • Seller’s Name;
  • Property Address; and
  • Changes to the Agreement.

Step 3 – Parties Agree and Sign

For the addendum to be made part of the original purchase agreement, it will need to be signed by both buyer and seller. If the buyer or seller do not agree to the changes, the agreement will become null and void. If there was earnest money that was deposited by the buyer, the money shall be disbursed in accordance with the terms of the original agreement.

Step 4 – Add to the Purchase Agreement

Upon properly-being executed and acceptance is made, the addendum will be attached and should be followed as if it was written in the original agreement. The parties will continue the process until an eventual closing where the property will transfer ownership.

How to Write

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Document Date

(1) Effective Date. The calendar date when this document is completed can be used as a common reference point by concerned Parties referring to it. Produce this date at the top of the page.

Article I. The Parties

(2) Buyer Identity. The Buyer participating in the original purchase agreement, and must agree to this addendum, requires identification. Record his or her name in the first article.

(3) Seller Name. The full name of the Party or Entity selling the concerned property through the original agreement should be established in this addendum. This will aid in tying the addendum being developed to the original purchase agreement. 

(4) Original Purchase Agreement Date. As mentioned, this addendum must be attached to the original lease both physically and by its content, thus transcribe the date of the original purchase agreement to the statement presented in the first article.

(5) Property Address. The property the Buyer is purchasing from the Seller should be defined by documenting its physical address. This information should be readily available through the original purchase agreement.

II. Amendment(s)

(6) Additional Purchase Conditions Or Terms. Now that this document has been properly identified, the purchase conditions and terms that must be incorporated to the original purchase agreement should be documented. It is recommended that such additional provisions are well-detailed. For instance, if any additional agreements relating to an article of the purchase agreement, make sure to refer to it properly. It is important to note that additional provisions described in this section must be compliant with Federal, State, and Regional statutes that concern the property, the transaction being discussed, and the two Parties involved.

Executing Signatures

(7) Buyer’s Signature. The Purchaser or Buyer will be expected to review the additional provisions defined, then (upon agreement) sign his or her name as an acknowledgment of these new conditions and terms.

(8) Signature Date Of Buyer. The date defining when the Buyer agreed to this addendum by signing it should also be provided.

(9) Buyer’s Printed Name. Record the name of the Buyer in print as it was presented earlier.

(10) Seller’s Signature. The Seller of the original purchase agreement must show approval to the additional conditions and terms for this transaction by providing his or her signature. In an agreement where the Seller is a Business Entity, then a Representative authorized by this Entity to approve this addendum on its behalf may provide the required signature.

(11) Date Of The Seller’s Signature. The Seller must document when he or she approved this document by reporting the current date.

(12) Seller’s Printed Name. The name of the Seller should be furnished in print. This must be the printed name of the Signature Party thus if Company Representative has signed this addendum as the Seller, then he or she should print his or her name as well as the title held with Selling Entity.