Which of the following is required for an addendum to become a valid and enforceable part of a real estate contract in Arkansas?
Correct Answer
B) It must be signed by all parties to the contract
An addendum adds terms or conditions to an existing real estate contract and must be signed by all parties — buyer and seller — to be valid and enforceable. In Arkansas, addenda are commonly used to address items such as financing contingencies, inspection results, or personal property inclusions. AREC does not need to pre-approve addenda, an attorney is not required to draft them, and they do not need to be recorded with the county.
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Related Topics & Key Terms
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Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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.
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