An amendment contract which is used when about to change a contract is where a buyer and seller would agree to change the price of the contract and any associated down payments or loan amounts.
Item #1 is where a Buyer and Seller would agree to change the price of a contract and any associated downpayment or loan amounts. A, B, and C need to be filled in.
Item #2 would be used to identify which repairs a Buyer is requesting the Seller perform, most likely based on an inspection.
- Be as specific as possible and if necessary you can reference and an attachment such as the inspection report or similar.
- You would submit this to Seller and they can either ignore, sign and accept or negotiate some of the repairs.
Item #3 changes the Closing Date of the contract. This might have been negotiated between Buyer and Seller for several reasons.
Item #4 changes the amount of Seller paid closing costs to Buyer. Careful that you understand that it changes the amount, not adds to it.
Item #5 Lender required repairs typcally occurs as a result of an FHA/VA inspection/appraisal.
- So, if the Buyer agree as to who pays how much, you would use item #5 to state the amounts paid by whom
Item #6 is used to extend the option period. YOU CANNOT USE ZERO DOLLARS. Just like paragraph 23 in the contract the words. “has paid Seller..” Indicates money exchanging hands. Also note that the extension on the Amendment is to a specific date, not # of days.
Item #7 is used, typically by Seller, when all repairs and deliverables have been done and Seller wants to close the door to the possibility of Buyer terminating.
Item #8 allows Buyer extra time, or less, to obtain credit approval. It replaces the date in 2A pf the 3rd Party Financing Addendum.
Item #9 is like Special Provisions but should be used to describe business details and be SPECIFIC.
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