What is an Addendum?
- TOCR Real Estate School
- Mar 27, 2023
- 1 min read
If a buyer or seller want to change an existing contract, they might add an addendum outlining the specific part of the contract they’d like to adjust and the parameters of that change. The rest of the contract stays the same, regardless of the addendum.
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Agreement b/w buyer and seller could be a great memory about property etc.. but changing after making this could be a quite difficult task.
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If a buyer or seller wishes to modify an existing contract, they may do so by adding an addendum that specifies the particular clause(s) they wish to alter and the terms of the modification.
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Clarifications and additions that were not initially included in the original contract or agreement are made using an amendment.
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