Real Estate Amendment to Purchase Agreement
This Real Estate Amendment to Purchase Agreement ("Amendment") is entered into on [Date], by and between:
[Your Company Name], a company organized and existing under the laws of [State/Country], with its principal office located at [Your Company Address] ("Seller"), and
[Buyer's Name], an individual/company organized and existing under the laws of [State/Country], with its principal office located at [Buyer's Address] ("Buyer").
Whereas, Seller and Buyer entered into a Purchase Agreement dated [Date] (the "Purchase Agreement"), regarding the sale of certain real property located at [Property Address]; and
Whereas, Seller and Buyer desire to amend the Purchase Agreement in accordance with the terms and conditions set forth herein.
Now, therefore, in consideration of the mutual promises and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
A. Amendment of Purchase Agreement
The Purchase Agreement shall be amended as follows:
Purchase Price Amendment: The purchase price agreed upon in the original Purchase Agreement dated [Date] shall be amended from [$500,000] to [$550,000].
Closing Date Extension: The closing date specified in the original Purchase Agreement shall be extended from [Date] to [New Date], which is [Date].
Contingencies: The contingency clauses regarding inspection and financing shall be revised as follows:
Inspection Contingency: The Buyer shall have [14] calendar days from the Effective Date of this Amendment to conduct inspections of the property. Any issues identified during the inspection period must be resolved in writing between the parties.
Financing Contingency: The Buyer's obligation to purchase the property is contingent upon obtaining financing on terms satisfactory to the Buyer, with a commitment letter provided to the Seller no later than [Date].
Seller's Representations and Warranties: The representations and warranties made by the Seller in the original Purchase Agreement shall be amended to include the following additional warranty:
Environmental Warranty: Seller represents and warrants that, to the best of Seller's knowledge, there are no environmental hazards or contaminants on the property, and Seller shall indemnify and hold Buyer harmless from any liability arising from environmental issues discovered after the closing date.
Additional Terms: The parties agree to include the following additional terms in the Purchase Agreement:
Home Warranty: Seller shall provide Buyer with a one-year home warranty covering major systems and appliances in the property, with a coverage limit of [$5,000].
Closing Costs: Seller agrees to pay up to [$3,000] in closing costs on behalf of the Buyer at the closing of the transaction.
Additionally, any provisions in the original Purchase Agreement not specifically amended herein shall remain in full force and effect.
B. Effective Date
Effective Date: This Amendment shall be effective as of the date of its execution by both Seller and Buyer ("Effective Date"). The parties acknowledge that this Amendment shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.
C. Miscellaneous
Governing Law: This Amendment shall be governed by and construed in accordance with the laws of [State/Country]. Any disputes arising out of or in connection with this Amendment shall be resolved through arbitration in [City], [State/Country], in accordance with the rules of the American Arbitration Association.
Entire Agreement: This Amendment constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter. No modification, amendment, or waiver of any provision of this Amendment shall be effective unless in writing and signed by the party against whom the same is sought to be enforced.
Counterparts: This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The parties may execute this Amendment by facsimile, PDF, or other electronic means with the same effect as if executed manually.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
[Your Company Name]
By:
[Your Name], [Your Title]
Date:
[Buyer's Name]
By:
[Buyer's Name], [Buyer's Title]
Date:
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