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How to NOT Blow Your Addenda (Episode 34) S3 E4
Watch the show on Youtube.com: https://youtu.be/ZoVXSjSk_qg
Is it addendum or addenda? More importantly, how do you use one to modify the contract without breaking it?
0:41 - What's the difference between "addendum" and "addenda"? An addendum is a modification of the contract.
1:25 - What if you like some, but not all, terms of an addendum? All addenda and included terms are now part of the body of the contract. Any unaddressed terms remain part of the contract. You only modify as necessary. Let's talk about the FHA addendum specifically.
2:50 - Know what you're signing! Read every item ("term") of an addendum. "There are ways that work, and then ways to do it right." — Jason Christiansen
3:55 - You can include multiple terms on a single addendum. You don't need a new addendum for each change.
5:05 - Sharp agents can (and SHOULD!) take advantage of any loop hole the other side leaves open. If it goes to court, the judge is going to weigh your contract by the words you managed to get signed, not by what you *meant*. Any contract language that ends up in front of a judge has to stand on its own.
6:09 - Tyler's personal soap box: if you're going to put something in an addendum, number it! It makes everything easier to deal with.
6:19 - Good real estate agents don't just open doors, they protect you and your contract interests.
6:40 - Don't send an addendum for everything. Go back and forth on the phone or in emails until you work out the real agreed upon language, then document it using an addendum. The State of Utah provides tons of forms and agreements. Some are part of the official contract, others are part of the overall intent of the transaction. ONLY addenda require an addendum number and to be added to the contract. If it's NOT contractual, don't throw an addendum number on there. Underwriting will hate you.
8:26 - If you don't know what you're doing, you might lose the house, the deal, or money.
9:15 - Real estate agents are not attorneys. We CAN'T write contracts — we can only use the State forms.
9:50 - Facebook doesn't represent you. The broker does. It could cost tens of thousands of dollars!
10:44 - What'd we learn?
12:20 - Bloopers
*No contracts were harmed in the filming of this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
View all episodes
By Tyler Cazier, Aric Wiszt, & Jason ChristiansenWatch the show on Youtube.com: https://youtu.be/ZoVXSjSk_qg
Is it addendum or addenda? More importantly, how do you use one to modify the contract without breaking it?
0:41 - What's the difference between "addendum" and "addenda"? An addendum is a modification of the contract.
1:25 - What if you like some, but not all, terms of an addendum? All addenda and included terms are now part of the body of the contract. Any unaddressed terms remain part of the contract. You only modify as necessary. Let's talk about the FHA addendum specifically.
2:50 - Know what you're signing! Read every item ("term") of an addendum. "There are ways that work, and then ways to do it right." — Jason Christiansen
3:55 - You can include multiple terms on a single addendum. You don't need a new addendum for each change.
5:05 - Sharp agents can (and SHOULD!) take advantage of any loop hole the other side leaves open. If it goes to court, the judge is going to weigh your contract by the words you managed to get signed, not by what you *meant*. Any contract language that ends up in front of a judge has to stand on its own.
6:09 - Tyler's personal soap box: if you're going to put something in an addendum, number it! It makes everything easier to deal with.
6:19 - Good real estate agents don't just open doors, they protect you and your contract interests.
6:40 - Don't send an addendum for everything. Go back and forth on the phone or in emails until you work out the real agreed upon language, then document it using an addendum. The State of Utah provides tons of forms and agreements. Some are part of the official contract, others are part of the overall intent of the transaction. ONLY addenda require an addendum number and to be added to the contract. If it's NOT contractual, don't throw an addendum number on there. Underwriting will hate you.
8:26 - If you don't know what you're doing, you might lose the house, the deal, or money.
9:15 - Real estate agents are not attorneys. We CAN'T write contracts — we can only use the State forms.
9:50 - Facebook doesn't represent you. The broker does. It could cost tens of thousands of dollars!
10:44 - What'd we learn?
12:20 - Bloopers
*No contracts were harmed in the filming of this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.