An addendum to contract is used when parties need to formally adjust the terms of an existing signed agreement. This FHA and VA Financing Addendum outlines the conditions under which a buyer is not required to complete a purchase. If the FHA or VA appraisal does not meet or exceed the agreed purchase price, the buyer can withdraw from the transaction without penalty. The VA also requires that the purchase price not exceed the property's reasonable value as determined by the Department of Veterans Affairs.
Contract addendums cover a range of changes beyond financing. Common uses include extending a closing deadline, adding an inspection contingency, adjusting the purchase price after repairs, or recording updated repair agreements between buyer and seller. Each addendum must clearly reference the original contract, state the effective date, and be signed by all parties. For the specific items it addresses, the addendum takes precedence over the original contract. If you need to make broader changes to the agreement, a real estate amendment form may be more appropriate than an addendum.
Before completing this form, you may also need a real estate purchase agreement to establish the base contract terms. If you are looking for a general-purpose version, an agreement addendum template works for many contract types beyond real estate. For transactions that involve FHA financing, review the HUD-1 addendum as well, since it covers settlement statement adjustments that often accompany government-backed loan closings.
| Question | Answer |
|---|---|
| Form Name | Addendum To Contract |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | fha addendum nc, fha va financing addendum north carolina, fha va financing addendum, 2a4 t |
