For an addendum to a real estate purchase agreement to be valid and binding, it must be:
Correct Answer
B) Signed by all parties to the original contract
An addendum modifies or supplements an existing contract and must be signed by all parties to the original agreement to be valid and binding. In Alaska, addenda do not require AREC approval, attorney drafting, or recording to be enforceable — mutual agreement and signatures of all contracting parties are the essential requirements.
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Related Topics & Key Terms
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Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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.
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