What addendums are necessary with an offer?
What addendums are necessary with an offer?
What addendums are necessary with an offer?
support@jarbly.com Changed status to publish February 2, 2025
The most common addendums that may be necessary with an offer include:
- HOA Addendum: If the property is part of a Homeowners Association, this outlines the buyer’s acknowledgment of HOA rules, fees, and conditions.
- Condo Addendum: For condominium properties, it includes details about the condo association’s rules, fees, and governing documents.
- Lead Paint Addendum: Required for homes built before 1978, disclosing any known lead-based paint hazards and providing the buyer the right to inspect for lead-based paint.
- Licensee Disclosure Addendum: Informs the parties about the relationship between the agent(s) and the buyer/seller (e.g., single agent, dual agent).
- Property Disclosure Addendum: Required in many states, this outlines the seller’s knowledge of any property defects or issues.
- As-Is Addendum: For properties being sold “As-Is,” confirming that the buyer accepts the property in its current condition without expecting repairs from the seller.
- Brokerage Addendum: Most brokerages typically require their own addendum as well which includes compliance and a transaction fee.
These addendums are generally needed for most real estate transactions, but additional addendums might be required depending on the specifics of the property or the brokerage. Always check with your brokerage to ensure you have the necessary documentation.
support@jarbly.com Changed status to publish February 2, 2025