What Is Addendum?
Addendum: A document added to a contract to include or change terms.
Also called: amendment
An addendum is a separate document attached to the purchase agreement that adds terms or changes existing ones. Both buyer and seller must sign it.
Common addenda
- Financing addendum for FHA or VA loans
- Lead-based paint disclosure for homes built before 1978
- HOA or condominium addendum
- Inspection repair agreement
- Contingency deadline extensions
- Escalation clause
- Seller rent-back agreement
Addendum vs. amendment
The terms are often used interchangeably. Some forms call changes made after ratification "amendments."
Good to know
Any change to the deal after ratification should be in a signed addendum. Verbal agreements usually aren't enforceable in real estate.