Real estate addendum forms are not limited to a particular type of information and contain anything that helps to explain, inform or clear up any of the terms in the original contract, says About. A real estate addendum is considered part of the original contract and is executed with it.Continue Reading
The Texas Real Estate Commission has examples of several types of addendum forms on its website. These addendums cover matters such as sale of other property to a buyer, seller financing terms, coastal area property concerns, property subject to mandatory membership in owner associations and reservation of mineral rights, as well as loan financing and lead-based paint.
The two ways to modify most contracts are amendments and addendums, says About. The difference between the two is the time in which they come into play. Addendums are attached to the original contract and are executed at the same time as it. Amendments take place after both parties to the contract have signed and there needs to be a change to the original terms. Amendments do not replace the entire contract; rather, they change certain parts of the contract. Nolo advises creating an entirely new contract if large portions of the original contract need to be changed.Learn more about Real Estate