Amendment is a change to the original contract and terms — any additional items to the original agreed terms.
When buyers, sellers, brokers, landlords, and/or tenants agree on different terms other than the original ones, an addenda is created with those terms. This addenda is usually called an amendment.
Usually a stick point in a transaction that gets its own separate addendum as a highlighted term.
At times, after a negotiation has been reached between all parties, a new issue or point is raised during or at the beginning of the transaction, and that will require an addendum instead of redrafting a new contract.
Amendments can also highlight and disclose such things as mold, lead based paint, handicap arrangements, disclosures on the property, financing disclosures, etc…
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