Definition
An amendment is a change to the contract after you've both signed it. Any modifications must be signed by both parties to be valid.
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Amendments are used to make changes to the contract after it has been executed by both parties. Common reasons for amendments include adjusting the closing date, removing contingencies, changing the purchase price, or adding new conditions. Amendments must be signed by both the buyer and seller to be valid. The original agreement remains in effect except where specifically modified by the amendment.
Pro Tip
Get amendments in writing and signed by both parties—verbal changes aren't enforceable.
Example
The parties signed an amendment extending the closing date from March 30th to April 15th.