Definition
An addendum is an attachment to your contract that adds terms or conditions. It becomes part of the binding agreement when both parties sign.
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Addenda are used to address specific situations or add specialized terms to the standard purchase agreement. Common addenda include contingency addenda, inspection addenda, HOA addenda, and property-specific addenda. When an addendum is signed by both parties, it becomes part of the binding contract. If there's a conflict between the main agreement and an addendum, the addendum typically takes precedence as it's the most recent modification.
Pro Tip
Ensure all addenda are signed by both parties and clearly attached to the main agreement.
Example
An addendum for new construction included specific terms about builder warranties and completion deadlines.