Copy of addendum:
BUYER (Initials)________________ – 1 -
SELLER (Initials)_______________
Revised 3/06
REO #____________________
Countrywide Home Loans, Inc.
REAL ESTATE PURCHASE ADDENDUM
This Real Estate Purchase Addendum (“Addendum”) is to be made part of, and incorporated into, the Real Estate Purchase
Contract dated ___________________________ (“Contract”) between
(“Seller” and the term “Seller” shall also include Countrywide Home Loans, Inc.) and
(“Buyer”) for the property and
improvements located at the following address:
(“Property”). Buyer and Seller may each be referred to herein as a “Party” and collectively as the “Parties.”
The Contract and this Addendum together constitute the “Agreement”.
The Seller and the Buyer agree as follows:
1. LIMITATION OF SELLER’S LIABILITY AND BUYER’S WAIVER OF IMPORTANT RIGHTS:
BUYER UNDERSTANDS AND ACKNOWLEDGES THAT SELLER HAS ACQUIRED THE PROPERTY
THROUGH FORECLOSURE, DEED-IN-LIEU OF FORECLOSURE, OR SIMILAR PROCESS, SELLER
HAS NEVER OCCUPIED THE PROPERTY, AND SELLER HAS LITTLE OR NO DIRECT KNOWLEDGE
ABOUT THE CONDITION OF THE PROPERTY. BUYER AGREES THAT BUYER IS BUYING THE
PROPERTY “AS IS” (AS MORE FULLY SET FORTH IN SECTION 13 OF THIS ADDENDUM).
NOTWITHSTANDING ANY PROVISION TO THE CONTRARY IN THE AGREEMENT, SELLER’S
LIABILITY AND BUYER’S SOLE AND EXCLUSIVE REMEDY IN ALL CIRCUMSTANCES AND FOR
ALL CLAIMS (AS THE TERM IS DEFINED IN SECTION 26 OF THIS ADDENDUM, AND ALL
REFERENCES IN THIS ADDENDUM TO “CLAIMS,” “CLAIM,” “Claims,” or “Claim” SHALL HAVE
SUCH MEANING) ARISING OUT OF OR RELATING IN ANY WAY TO THE AGREEMENT OR THE
SALE OF THE PROPERTY TO BUYER INCLUDING, BUT NOT LIMITED TO, SELLER’S BREACH OR
TERMINATION OF THE AGREEMENT, THE CONDITION OF THE PROPERTY, SELLER’S TITLE TO
THE PROPERTY, THE OCCUPANCY STATUS OF THE PROPERTY, THE SIZE, SQUARE FOOTAGE,
BOUNDARIES, OR LOCATION OF THE PROPERTY, ANY COST OR EXPENSE INCURRED BY
BUYER IN SELLING A CURRENT OR PRIOR RESIDENCE OR TERMINATING A LEASE ON A
CURRENT OR PRIOR RESIDENCE, OBTAINING OTHER LIVING ACCOMMODATIONS, MOVING,
STORAGE OR RELOCATION EXPENSES, OR ANY OTHER COSTS OR EXPENSES INCURRED BY
BUYER IN CONNECTION WITH THE AGREEMENT SHALL BE LIMITED TO NO MORE THAN:
(A) A RETURN OF BUYER’S EARNEST MONEY DEPOSIT IF THE SALE TO BUYER DOES NOT
CLOSE; AND
(B) THE LESSER OF BUYER’S ACTUAL DAMAGES OR ,000.00 IF THE SALE TO BUYER CLOSES.
BUYER SHALL NOT BE ENTITLED TO A RETURN OF BUYER’S EARNEST MONEY DEPOSIT IF
BUYER MATERIALLY BREACHES THE AGREEMENT.
BUYER AGREES THAT SELLER SHALL NOT BE LIABLE TO BUYER UNDER ANY
CIRCUMSTANCES FOR ANY SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES
WHATSOEVER, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT
LIABILITY), OR ANY OTHER LEGAL OR EQUITABLE PRINCIPLE, THEORY, OR CAUSE OF
BUYER (Initials)________________ – 2 -
SELLER (Initials)_______________
Revised 3/06
ACTION ARISING OUT OF OR RELATED IN ANY WAY TO ANY CLAIM, INCLUDING, BUT NOT
LIMITED TO, THE AFOREMENTIONED CLAIMS.
ANY REFERENCE TO A RETURN OF THE BUYER’S EARNEST MONEY DEPOSIT CONTAINED IN
THE AGREEMENT SHALL MEAN A RETURN OF THE EARNEST MONEY DEPOSIT, LESS ANY
ESCROW CANCELLATION FEES APPLICABLE TO THE BUYER UNDER THE AGREEMENT AND
LESS FEES AND COSTS PAYABLE FOR SERVICES AND PRODUCTS PROVIDED DURING ESCROW
AT THE BUYER’S REQUEST. TO THE FULLEST EXTENT PERMITTED BY LAW THE BUYER
WAIVES ANY CLAIMS THAT THE PROPERTY IS UNIQUE AND THE BUYER ACKNOWLEDGES
THAT A RETURN OF ITS EARNEST MONEY DEPOSIT CAN ADEQUATELY AND FAIRLY
COMPENSATE THE BUYER FOR ALL CLAIMS. UPON RETURN OF THE EARNEST MONEY
DEPOSIT TO THE BUYER, THE AGREEMENT SHALL BE TERMINATED, AND THE BUYER AND
THE SELLER SHALL HAVE NO FURTHER LIABILITY, OBLIGATION, OR RESPONSIBILITY TO
EACH OTHER IN CONNECTION WITH THE AGREEMENT. IF THE SALE TO BUYER CLOSES AND
SELLER COMPENSATES BUYER AS PROVIDED ABOVE FOR BUYER’S ACTUAL DAMAGES, IF
ANY, THEN THE BUYER AND THE SELLER SHALL HAVE NO FURTHER LIABILITY,
OBLIGATION, OR RESPONSIBILITY TO EACH OTHER IN CONNECTION WITH THE
AGREEMENT.
SELLER’S LIMITATION OF LIABILITY AND BUYER’S WAIVERS PROVIDED IN THE AGREEMENT
ARE A MATERIAL PART OF THE CONSIDERATION TO BE RECEIVED BY THE SELLER UNDER
THE AGREEMENT AS NEGOTIATED AND AGREED TO BY THE BUYER AND THE SELLER.
THE BUYER FURTHER WAIVES THE FOLLOWING, TO THE FULLEST EXTENT PERMITTED BY
LAW:
(A) ALL RIGHTS TO FILE AND MAINTAIN AN ACTION AGAINST THE SELLER FOR SPECIFIC
PERFORMANCE;
(B) RIGHT TO
Looks just like this: http://www.placercountyhomesandland.net/files/countrywide_real_estate_purchase_addendum.pdf

This is a generic copy I found, but it is the same exact one I was given. We are getting FHA loan and they accepted our offer on the house… and then sent the addendum. On one part it says we waive the right to stop sell of property due to condition, structure, etc. On another it says we have 10 days to get inspection? Does this mean we can’t get out of contract even if the inspection turns out bad? I just got this paper today (saturday) and they said they have the have it back by Monday – the first day I could possibly get an inspection done when the utilities won’t even be turned on yet. WHAT TO DO?

Best answer:

Answer by src50
Aren’t you using a realtor? He/she should be advising you.

Give your answer to this question below!