By Type (10)
Common Disclosures (2)
Lead-Based Paint Addendum – Required to be attached to any agreement where the property was constructed prior to 1978.
Download: PDF
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.
Download: PDF, MS Word, OpenDocument
What is a Purchase Addendum?
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 about any falling or chipping paint.
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.2. Write the Addendum
Complete a blank addendum (PDF, MS Word, or Open Document).
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.
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.
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.