What might a real estate addendum include?

An addendum in a real estate context is a document that adds specific details, changes, or additional terms to an existing agreement, such as a purchase agreement. Including an amendment to the purchase price is a common use of an addendum. This might occur during negotiations where the buyer and seller agree to adjust the price based on various factors, such as appraisal results, financing contingencies, or inspection findings. By documenting this change formally in an addendum, both parties ensure that the new terms are recognized legally and binding.

Other options, while they may relate to real estate in some manner, do not typically fall under the definition of an addendum. House rules for tenants pertain more to lease agreements and landlord-tenant relationships rather than purchase agreements. A breakdown of mortgage types is educational material that might assist buyers in making financing decisions but does not modify the purchase agreement itself. Similarly, a list of local contractors could be useful for a homeowner but does not alter the agreement between buyer and seller regarding the sale of the property.