Urgent!!!!:Addendum needed for closing
9 Replies
Josh Rogers from Chicago, Illinois
posted 2 months agoBrie Schmidt (Moderator) - Investor, Broker, Public Speaker from Chicago, Illinois
replied 2 months ago@Josh Rogers - Your lawyer should provide this. In IL each party is represented by a lawyer. You should not be working without one unless you have the experience to do so
Michael Ablan Real Estate Agent from Watertown, New York
replied 2 months ago@Josh Rogers I'll do it for free. Sending you a pm now.
Michael Ablan, Real Estate Agent in NY (#10401289490)
Jay Hinrichs Developer, Real Estate Broker, from Lake Oswego, Oregon
replied 2 months agoI write my own addendums let me tell you how quite simple
on word
at the top in 14 point center the word ADDENDUM
under that put RE: and the property address
under that put the terms of the addendum IE purchase price to be XXX all other terms to remain the same
then put sig line and date
that's all that needs to be done..
its just telling the parties what is going to change in the original contract..
Brie your Lawyers got you guys trained LOL.... addendums are always in most markets the responsibility of the agents to write..
Brie Schmidt (Moderator) - Investor, Broker, Public Speaker from Chicago, Illinois
replied 2 months ago@Jay Hinrichs here only a lawyer can edit or modify the terms of the contract. If the seller is represented by a lawyer they will probably reject any addendum not written by a lawyer.
As an agent in IL it is illegal for me to even scratch something out on the offer because I am not a licensed attorney. I am only allowed to fill in the blanks.
Jay Hinrichs Developer, Real Estate Broker, from Lake Oswego, Oregon
replied 2 months agoOriginally posted by @Brie Schmidt :
@Jay Hinrichs here only a lawyer can edit or modify the terms of the contract. If the seller is represented by a lawyer they will probably reject any addendum not written by a lawyer.
As an agent in IL it is illegal for me to even scratch something out on the offer because I am not a licensed attorney. I am only allowed to fill in the blanks.
strong lawyer lobby there in IL... holy cow... but hey you just have to work with what your state laws are out there.. so it sounds like the original question the person needs to have a lawyer
Brie Schmidt (Moderator) - Investor, Broker, Public Speaker from Chicago, Illinois
replied 2 months ago@Jay Hinrichs - I tried doing it without a lawyer a few years ago and the other side refused to accept any communication without a lawyer. It is $600 to have one, not worth making a mistake
Brie Schmidt (Moderator) - Investor, Broker, Public Speaker from Chicago, Illinois
replied 2 months agoBut my first time buying in WI I had asked around for a lawyer referral and people were very confused.
Matthew Enos from Coraopolis, Pennsylvania
replied 2 months agoWe write our own addendum when not using real estate agents
Clearly state that it is an addendum at the top referencing the original purchase and sales agreement. In the body clearly reference the clause it is modifying and the actual words used should be similiar if not identical as in the original purchase and sales, just with a different closing company.
Who is holding the hand money/earnest money? Make sure that the old closing company is willing to transfer it especially if its sizable
Brie Schmidt (Moderator) - Investor, Broker, Public Speaker from Chicago, Illinois
replied 2 months agoILLINOIS
Title companies, lenders, and attorneys may conduct closings, but only attorneys may prepare documents. Lenders generally hire attorneys and have them prepare all the paperwork. Conveyance is by warranty deed. Recorded deeds must include a declaration of the sales price. Mortgages are the customary security instruments.
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