What is the Corporate/Bank Addendum?
Almost all corporate owned properties require an additional document be executed known as the "Addendum". This document is in addition to the signed Purchase Agreement and any counter offers. It carries additional terms unique to purchasing a corporate owned property. Please don't "just sign" this Addendum! Take time to read it and understand to what you are agreeing. Most Addendums are highly in favor of the Seller. The Addendum addresses many loopholes that have been exploited by Buyers in standardized purchase agreement documents. In some cases the Purchase Contract terms may actually be presented on the required contract forms and the Realtor purchase agreement document discarded.
Addendums typically carry a charge per diem if the property does not close by the agreed upon close date. If this clause exists it will state that it goes into effect if the fault for not closing on time is on the buyer or lender.
No changes are allowed to these seller's addendum. Always remember, all contracts are subject to the seller's management approval.
A deal is not a deal until the documents are completely signed by the seller!