Real Estate 101 - Real Estate Forms


	What is a Purchase Agreement?
	What is a Disclosure?
	What is an Addendum (Plural: Addenda)?
	What are Multiple Offers?

What is a Purchase Agreement?
A purchase agreement is a legally binding document that contains the details like purchase price, terms, conditions, contingencies, etc. of a real estate purchase transaction.
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What is a Disclosure?
A disclosure is a document or collection of documents on which the information on issues including but not limited to defects, facts, presence of certain elements such as Lead Paint, Asbestos, Radon, etc, on a property, known to the seller and or agent(s) are disclosed to a potential buyer. Please refer to the purchase contract for a definition that is applicable in your case.
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What is an Addendum (Plural: Addenda)?
An addendum is a document that is used for making any changes or additions to an existing contract. To be part of the contract, an addendum needs to be signed by both, buyer and seller.
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What are Multiple Offers?
Multiple offers are the purchase offers that are made by different buyers on the same property around the same time. This occurs when more than one buyer show interest in buying the same property.
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