Contract Amendment

What is a Contract Amendment?

Many circumstances may arise after the seller and the buyer have signed an earnest money which may impact the transaction.  If both the seller and the buyer desire to amend the terms of their original contract, they may modify their agreement by signing a new document which modifies the terms of their original agreement in some respect.

When do I need to discuss a Contract Amendment?

For a variety of reasons, the parties may desire to change the following contract terms: the sales price; repairs required of the seller discovered after an inspection; the closing date; a change in the settlement expenses assumed by the seller; and the payment of an option fee to extend the right to terminate the contract.  A contract amendment may change any term in the agreement between the parties as long as both the seller and the buyer execute the new document clearly identifying the approved revision.  However, no one is obligated to change a contract.  If one side doesn’t agree to a proposed change, the original contract terms remain intact and unmodified.                

I regularly assist clients in drafting, reviewing, interpreting, modifying, and negotiating contract amendments.