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In the event that any of the provisions in this addendum conflict with the attached contract then in that event the provisions of this addendum shall prevail:
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Appraisal
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Subject to appraisal being scheduled within five (5) calendar days of a fully executed Purchase & Sale Agreement, with written confirmation provided to Seller. Failure to do so shall permit Seller to terminate this Agreement.
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Buyer to pay cash for under valued appraisal
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Subject to property appraising at or above purchase price and lender approval.
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Should property not appraise for contract price or higher, the buyer will contribute up to <$$$$> not to exceed the contract price, whether through adjustments to the financed amount outlined in mortgage contingency or buyer bringing additional cash to closing.
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Inspection
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Inspection for Informational Purposes Only
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Inspection for Informational Purposes Only - No seller concessions or repairs to be requested
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Inspection for Informational Purposes Only - No seller concessions, price reductions, or repairs to be requested due to building inspections only.
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Inspection to be Completed in 5 Business Days
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Inspection for informational purposes only. No seller concessions or repairs to be requested for any repairs under $XYZ.
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Building inspection for informationl purposes only. No seller concessions, price reductions, or repairs to be requested for building related deficiences.
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Subject to Septic Inspection and seller pumping septic during inspection.
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Seller shall obtain and provide Buyer with well and septic inspection reports from licensed professionals. Buyer shall have 7 calendar days from receipt to review and approve the reports. If not approved in writing within that time, the reports shall be deemed accepted. At closing, Buyer shall credit Seller the cost of the inspections upon receipt of valid invoices.
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Mortgage
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Title
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Repair Addendum
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Holdback & No RepairsBuyer and seller agree to <$$$> escrow hold back in lieu of repairs. Escrow hold back to be drafted by <insert buyer/seller attorney>
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HoldbackBuyer and seller agree to <$$$> escrow hold back in lieu of (location and/or names of focus area). Escrow hold back to be drafted by <insert buyer/seller attorney>
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CreditBuyer and seller agree to <$$$> credit in lieu of repairs. To be applied towards buyer closing costs, prepaids, escrows, rate buy down, HOI, points, etc
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ReductionBuyer and seller agree to amend purchase price to <$$$$> in lieu of repairs
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Personal Property & Fixtures
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All appliances to remain in 'as is' 'as seen' condition at time of inspection or time of offer if no inspection, for the convenience of all parties, and have no monetary value.
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Excludes all seller personal items and personal belongings.
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New Construction
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Contingent upon pre-drywall inspection to buyers approval
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Contingent upon home inspection prior to closing to buyers approval
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Buyer and seller agree to escrow holdback at 1.5x cost for all incomplete punch list items or corrective work
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Contingencies
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Subject to the successful sale of <ADDRESS>
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Subject to seller finding suitable housing by XX/XX/XXXX
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Subject to seller contributing <$$$$> towards buyer closing costs, prepaids, escrows, rate buy down, HOI, points, etc
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Subject to buyer walkthrough and approval
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Subject to successful transfer of solar panels to buyer
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Subject to fully executed purchase and sales agreement no later than MM/DD/YYYY at HH:MM (am/pm)
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Listing
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If Seller does sell the property prior to the listing date, the listing agent shall be entitled to a commission from the sale equal to xxx % of the purchase price.
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Escalation
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Buyer is willing to pay $XXXX over highest verifiable bidder, not to exceed $XYZ.
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Buyer agrees to pay $XXXX above the highest verifiable competing offer, not to exceed a gross purchase price of $XXXX, provided that such competing offer results in a higher net to the Seller. For purposes of this clause, “net to Seller” shall be defined as the purchase price less any seller-paid closing costs, concessions, and broker/agent compensation as outlined in this offer at the time of submission. Seller must provide written verification of the competing offer upon request.
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Lease
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In the event that property is leased, agent is due XYZ% total lease value and no less than $XXXX.
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2.5% of total lease value
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Landlord agrees to pay eXp Realty, Tenant's Broker, a fee of $XYZ upon execution of the lease. Tenants Broker represents tenant only and does not represent Landlord.
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Land
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Due Diligence Period. Purchaser, in Purchaser’s sole discretion, shall have Sixty (60) calendar days to terminate this Agreement as a result of Purchaser’s dissatisfaction with the result of any inspection, analysis, searches and surveys, referenced. Nothing in the foregoing sentence or elsewhere in this Agreement limits or diminishes Purchaser’s termination rights pursuant hereof.
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Extended Due Diligence Period. In the event that, despite its good faith and diligent efforts, Purchaser has not satisfied itself as to any such investigations by the expiration of said sixty (60) days, then Purchaser may elect to extend the Inspection Acceptance Date (and thereby extend the Due Diligence Period) for a period of thirty (30) days (the “Extended Due Diligence Period”). To exercise the Extended Due Diligence Period, Purchaser must deliver written notice of such exercise to Seller prior to the expiration of the then-current Due Diligence Period, together with a payment of Ten Thousand and No/100 Dollars ($10,000.00) (the “Due Diligence Extension Deposit”). Upon the notification by Purchaser to Seller and the payment of the Due Diligence Extension Deposit, the Inspection Acceptance Date (and therefore the Due Diligence Period) shall be deemed automatically extended for such additional thirty (30) day period. The payment of the additional Ten Thousand and No/100 Dollars ($10,000.00) shall constitute and be treated as an additional deposit.
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Due Diligence Period Termination. In the event Purchaser delivers a notice of termination in accordance with this Agreement on or before the Inspection Acceptance Date, or delivers a notice of termination in accordance with the within contract hereof, the Earnest Money shall be returned to Purchaser, this Agreement shall have no further force or effect, and the Parties shall have no further rights or obligations hereunder. Notwithstanding the above, Seller shall retain the Due Diligence Extension Deposit, if any, paid by Purchaser in accordance with the within contract.
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Exclusive Buyers Agreement
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Buyer(s) agree to allow agent to install a temporary lawn sign in front yard for two weeks after closing.
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Oil, Propane, etc
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Seller to deliver oil tank with a minimum of 1/4 of a tank of oil at close. Buyer to reimburse seller for any oil over that minimum level.
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Condo
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Offer contingent on satisfactory review and approval of all requested condo documents and that seller agrees to cover the cost of those documents including but not limited to the condo questionnaire and 6D.
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Subject to seller paying working capital and assessment in full
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Foreclosure
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Property must be delivered vacant, free and clear of all tenants and their belongings, by closing day.
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Contract to be delivered "not" time is of the essence due to receiving many documents last minute.
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Solar
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Subject to Buyer review and approval of Solar Contract. If approved, buyer willing to assume [Property Address] solar contract subject to successful transfer of lease from [Solar Company Name] solar panel company approving buyer prior to closing date.
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Commission
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Seller to credit buyer XXX at successful close of escrow to satisfy buyers contractual agreement with buyers broker.
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Seller to compensate eXp Realty XXX% net sales price (gross sales price minus seller concessions) at successful close of escrow.
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Seller to compensate eXp Realty XXX% gross sales price at successful close of escrow.
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Multi-Family Lead (Don't Forget)
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Subject to seller providing buyer with a valid Certificate of Conformance for each residential unit prior to closing, as required by Rhode Island Department of Health Lead Mitigation Act.
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AS-IS
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The Buyer acknowledges and agrees that the property is being sold in its current "as-is, where-is" condition, with no warranties or representations made by the Seller regarding the condition or functionality of the property, its fixtures, or any items left behind. The Buyer accepts the property, including all items remaining on the premises, in its present state at the time of closing. The Buyer assumes all responsibility for the removal or disposal of any items left behind by the Seller. No further repairs, replacements, or adjustments shall be required of the Seller following the closing.
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Deadline
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Subject to fully executed Purchase and Sales Agreement no later than HH:MM (AM/PM) MM/DD/YYYY.
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Buyer Agent Due Diligence
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Buyer and Buyer’s Agent to perform all due diligence. Information provided, including MLS data, is deemed reliable but not guaranteed. Seller and Listing Agent make no representations or warranties as to accuracy.
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Suitable/Sale Contingency
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Subject to the successful sale of XYZ, MLS Number: ######.