Addenda that are checked off or written into a contract on page 7, are attached to and made a part of the contract. The most common addenda that you might be asked to sign are:
- Information About Brokerage Services
- This addendum simply explains who Brokers and Agents are and what their requirements to you are.
- Third Party Finance Addendum
- If any type of loan is being used to purchase the property, the Third Party Finance Addendum outlines the loan type and terms as well as how long the buyer has to completely qualify.
- Addendum for Property Subject To Mandatory Membership in a Property Owners Association
- Any house with an HOA will have this addendum. It identifies the HOA and who in the contract is paying for the HOA documents and resale certificate to be delivered to the buyer.
- Addendum for Seller’s Disclosure of Information on Lead-based Paint and Lead-based Paint Hazards as Required by Federal Law
- If the house you are buying or selling was built before 1978 the seller needs to disclose what they do or do not know about lead based paint in the house.
- Non-Realty Items Addendum
- If the seller is leaving behind the washer and dryer or the buyer has negotiated the refrigerator in the deal, this addendum identifies those items and the price that is being paid for them.
- Addendum for Sale of Other Property by BuyerS
- This addendum is attached if the buyer has a house to sell before they are able to purchase the house that is contracted.
- Addendum for “Back-Up” Contract
- If the house you are offering on already has a contract, you can submit an offer as a back-up offer. This addendum is attached and identifies the dates that the back-up offer is valid through.
There are other Addenda that may be attached to your contract. These are the most common.
If you would like to review a contract before hand, here is our TREC Promulgated 1-4 Family Residential Contract.
To review other addenda and contract forms visit: TREC Contracts, Forms and Notices.
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