Third Part (3rd) Part Financing Supplement – This document allows the buyer to disclose the terms of the loan he needs to purchase the property. If they are unable to secure the necessary financing, the sales contract is automatically terminated. Condoinium Association Addendum – Real estate transactions related to the sale of a condominium that are part of a community of common interest generally require that this addition be carried out at the same time as the association`s administrative documents. Earnest Money Release – If the buyer has decided to cancel the sales contract as part of his rights and decides to recover his serious money deposit, held by the seller or seller`s agent. A supplement is added as a revelation to inform the buyer of a real or potential issue in the premises. For example, if the house was built before 1978 to warn the new owner of the paint falling or decomposing, it is necessary to add colors to the lead. Condoinium Association Addendum – If the property is a condominium, a copy of the statutes, rules and other agreements must be submitted to the buyer for consideration. Definition/Signification: A purchase supplement is any type of written language that supports or amends an existing agreement or existing contract. There is no official document to be added, any written document can be considered an addendum if it is attached to the original document entitled „Addendum“. The descendants may be broad or specific depending on the purpose.

Short Sale Addendum – If the home is sold for less than the remaining amount on the mortgage, this supplement can be implemented if the lender agrees. Lead-Based Paint Addendum – Necessary to join any agreement in which the property was built before 1978. An addition to a contract is used to update or modify an existing contract that often occurs in business relationships. Cleaning and creating a new contract is not ideal, given the cost and time it would take for this modification. Instead, it is much easier to maintain the existing contract and use an addition to make subtle or even big changes, as you see fit. Note that the addendum should be consistent with the original agreement in style, font and language. An addition to a contract should also be signed by the same signatories as the original contract and, if necessary, other signatories. Adding Inspection Quotas – This addendum is used for the vast majority of real estate transactions and includes a contingency that requires an inspection to be managed by a third party (third party). If the results of the inspection indicate a major problem, the buyer has the right to withdraw from the sale or continue to negotiate the terms of the contract. A sales contract addendum is a legal form that can be attached to a real estate purchase agreement and adds additional terms and conditions to the agreement. There are several types of Addenda that can be introduced, some that can be inserted at the birth of the sales contract and others that can be implemented under contract.