For an addendum to a real estate contract to be valid in Idaho, it must be:
Correct Answer
B) Signed by all parties to the contract
An addendum modifies or adds to an existing contract and must be signed by all parties to the contract to be binding. It becomes part of the original contract upon execution. No approval from the Idaho Real Estate Commission or a licensed attorney is required, and recording is not necessary for the addendum itself to be valid between the parties.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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