Addendum
A signed change or add-on to the deal after the contract is already in place.
Prepared byEither agent
Signed byBuyer and seller
WhenAny time after the contract is signed
AppliesAny real estate contract
What it is
An addendum updates the contract once both sides have signed it. It can change the price after repairs are agreed, add a seller credit, fix a mistake, or add terms nobody thought of at first. It becomes part of the contract once both sides sign it.
When it's used
- Agreeing to a price change or seller credit after inspection
- Fixing a typo, name or date in the contract
- Adding terms like a rent-back or items included in the sale
- Changing deadlines, though an extension addendum is often used for that
What's on it
- The property address and the contract it changes
- Exactly what is being changed or added
- A note that everything else in the contract stays the same
- Signatures and dates from the buyer and seller
Tips and common mistakes
- Be specific about what changes and what doesn't
- Number each addendum so they're easy to track
- Send signed addenda to escrow and the lender right away
- Price or credit changes can affect the loan, so tell the lender
How your Akoni VA handles it
Your VA drafts addenda for your review, routes them for signatures, numbers and files them and makes sure escrow and the lender get every copy.
This page is general information to help agents and clients understand the form. It is not legal or tax advice. Forms and rules vary by state and change over time, so always use your brokerage's current version and check with a qualified professional.