What is an addendum to a contract?

Do not confuse an addendum with an amendment.  In real estate they are two specifically different things.  This can be confusing and it can also lead to problems if you word either one wrong.  So what is an addendum to a contract?
 Let me first explain amendments.  An amendment is an alteration of the original agreement.  This can be any thing from price to when the seller vacates.  For instance, an amendment can be used to during negotiations to counter an offer already made.  An example would be the buyer has offered to pay X amount of money for the property with the following conditions.  Things like the kitchen appliances stay and so do the laundry room ones.  The seller can add an amendment which states the washer is going but every thing else stays.
An addendum is part of the original contract.  It is another section or part which is very specific in what it says.  For instance if the buyer is making an offer on a farm, he or she may want to clarify the terms in more detail.  Terms like what is to happen to the crops already planted, or if any of the farm equipment stays can be clearly marked out in an addendum.
The addendum becomes part of a legal and binding contract.  The amendments are parts of a contract still in negotiations.  The addendum will stand up in court.  The amendments will just show what everyone was thinking.  If you ever did have to go to court over the contract, it is a good idea to have both the final copy, with the addendum, and the rough draft with the amendments.  It can give the judge a better idea of what was trying to be represented during the formulation of the contract.
A contract can have many addendums.  Each one can be specific about certain aspects of the sale.  Think of them as if then clauses.  For instance, if the water supply in the well is not potable but safe for other uses, the buyer can specify the seller must drill a new well.  The addendum can specify where the well is to go and who will drill it.  Amendments can be made to an addendum which states, in this case, the well driller will decide where the well is to be placed.

Because an addendum is a legal and binding part of a contract, you must choose your wording carefully when adding it to the original contract.  The addendum to a contract can include just about anything either party wants to clarify.  It is important to realize the original contract should also include wording such as “see attached addendum” or “addendum attached” so that there is no dispute later on should a question come up.  There have been times the wording was not in the original contract and the addendums not attached to the documentation when a case was presented in court.  This caused the courts some concern as to what was valid and what was not allowed.  In the end, the addendum did help to win the case.  However, if the single phrase “addendum attached” had been in the original contract there would have been no questions.
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Home Buying Basics

 If you are interested in home buying there are some basics that will help your situation in more ways than one. The fact of the matter is that although some people see home buying as a long hard process, you can actually have fun with this if you know what you are doing. The key to having a good time when buying a home is to know what you are doing. This is why you should become familiar with all of the basics before you ever get started. The more information that you know up front the easier things will be on you as you move forward in the buying process.
 One of the most important home buying basics is to know where to look for your new home. If you do not have a clue on where to do this, you will never be able to find a home that is perfect for you. Luckily, you can search for new homes in the newspaper, online, or by simply driving around looking for sale signs. If you put time into all three of these ideas you will surely find a home that suits your needs.
 Another important home buying basic is how you are going to pay for your purchase. After all, if you do not have the money to buy a new home you are not going to get very far. There are many financing options that you should consider so make sure that you look into each one as closely as you can. Not only should you look into how you can finance your purchase with the different types of mortgages, but you should also consider you down payment. Remember, the more money that you put down on your home the lower your monthly payment is going to be. And of course this is a good thing.
 Finally, if you need any help sorting out the home buying basics you will want to get in touch with a professional such as a real estate agent. They will be able to help you find a home, get a mortgage, and answer any questions that you may have. Although you may want to do everything on your own, having a real estate agent on your side comes along with a lot of benefits.
 Gain as much knowledge as you can about home buying basics so that you can make this process as easy as possible.
Contact or  refer to Sarah Miller’s page.

Hire your own Agent to Buy a Home

 Are you interested in buying a home? Is it about time that you move on from your current living situation? If so, you will be up against a tough market. Many buyers find it very difficult to find and buy a home for one reason or the next. If this happens to you, there is one thing that you should look into doing. Do you know what it is? Simply put, you should look into hiring a real estate agent to work on your behalf. Many people think that agents are only for sellers, but this is far from the truth. You can do yourself a lot of good buy hiring a real estate agent to work on your side.
 The biggest benefit of working with a real estate agent when you are buying a home is that they are familiar with the market in a particular area. This means that they will be able to tell you when new homes open up, and also what you need to do in order to get the best deal. Generally speaking, a real estate agent can give you all of the help that you need. For many people who are not familiar with the real estate market this is a great idea.
 Another benefit of hiring a real estate agent is that they can help you to negotiate the deal. Not only will you be able to ask them any questions that you have, but when you are ready to make an offer they can get in touch with the other agent in order to iron out the details. This sure beats having to do this on your own. When you leave things up to your real estate agent you can be rest assured that they know what they are doing, and are working on your behalf to get you a great deal.
 As you can see, buyers can use real estate agents as well. You do not have to be selling your home in order to take advantage of what a real estate agent has to offer. So before you take on this process alone, look into what hiring a real estate agent can do for you. You may be surprised at all of the help you can get along the way.
Contact or  refer to Sarah Miller’s page.

Fixer Upper or Not?

So you are in the market for a new home? With so many properties to choose from it is not always easy to decide on the one that will be best for you and your family. And to take this a step further, there are two types of homes that you could consider buying. You can either opt for a new home that is in good condition, or you can buy a fixer upper. Both of these options have pros and cons, and it is up to you to decide which one is best. The most important thing to remember is that you should not just into either purchase option unless you are 100 percent sure of yourself.
 The biggest benefit of a fixer upper is that you will be able to get a great deal on the home. When somebody is selling a fixer upper they never expect to get the full market value. They know that there is a lot of work to be done, and for this reason they are willing to cut you a good deal. If you are interested in saving money, or do not have a lot to spend, a fixer upper may be something that you want to considering. Saving money is not reason enough to buy a fixer upper, but it is a good place to start.
 One common mistake that a lot of people make is that they buy a fixer upper, but have no intentions on actually doing any work. This results in them living in a home that is in need of major repairs, but they do not actually want to help themselves in this capacity. If you are not totally committed to putting work into a home than a fixer upper is not right for you. You will need to make this decision from the start.
 Finally, when you buy a fixer upper you will be able to have full control over the repairs and renovations that you make to the home. A lot of people like this because it allows them to give the home a look and feel that they are comfortable with.  
 A home that is designated a fixer upper may or may not be right for you. Some people actively seek a home like this, whereas others do not want to touch a fixer upper with a ten foot pole. The choice is yours. Be sure to make it a good one!
Contact or  refer to Sarah Miller’s page.

Purchasing Homeowner’s Insurance

If you use a lender to finance your home, you will be required to have homeowner’s insurance.  You must provide the lender with proof of this insurance policy before the date of closing.  While the lender does want to ensure protection of the home investment, it is in your best interest to purchase homeowner’s insurance as well.  Homeowner’s insurance covers many aspects of the home that could be expensive if you are required to pay out of pocket.
 Protection Types
Homeowner’s insurance protects the home against several things.
1. Casualty.  Most commonly insurance protects against fire damage.  In the event that your home is destroyed due to a fire, your policy will cover the home.  Other hazards are protected with a homeowner’s insurance as well.  It is your responsibility to find out what your home is insured against, as well as what it is not insured against.
 2. Liability.  There is a chance, no matter how minute, that someone could become injured in your home.  You can protect yourself from lawsuits in such an unfortunate situation by obtaining liability coverage.
 3. Personal Property.  When you purchase casualty insurance, it only covers the house structure.  Personal property insurance covers the items inside the home.  Make sure you are aware of the coverage amount as well as the limits of coverage.  Some policies only replace the depreciated value of personal property rather than its replacement cost.
 Tips For Saving
It goes without saying that you want to reduce your monthly mortgage cost as much as possible.  Saving money on your homeowner’s insurance is one of the ways you can do this.  The first rule of thumb for saving money on insurance for your home is to shop around.  Get quotes from several different insurers to get a feel for what’s available to you.  Choose a company with a good reputation, especially in paying claims in a timely manner.
 Increasing the deductible on your insurance is one of the ways you can decrease your premium.  Of course, the exact amount you save will depend on your insurance company.  Generally speaking, the higher your deductible, the lower your premium.  This is because a higher deductible lowers the amount the insurer has to pay toward your loss.
 You might receive a discount if you have your homeowner’s insurance and automobile insurance through the same company.  If you already have one or the other, inquire about the additional policy.
 Find out the kinds of security and safety improvements you can make for reductions.  Some insurers give discounts for burglar alarms and smoke detectors.  You might get even more of a discount if you have a system that immediately alerts the police.  If you don’t already have such a system find out how much you would save on homeowner’s insurance versus the price of the system to make sure it’s worth the investment.
 While homeowner’s insurance is a requirement for buyers that go through a lender, you don’t have to break the bank for the premiums.  Ask your insurer about ways to decrease the cost.
Contact or  refer to Sarah Miller’s page.

Preparing to Buy A Home

There’s more to buying a home than you might first think.  Sure, a major part of the process is finding a home that meets your needs and offering a price on it.  Before you can take any of those steps, you first need to prepare for the purchase.
 If you’ve gone through the process of buying before, chances are you don’t know as much about the home buying process as you think you do.  Even if you have previously purchased a home, your knowledge could use a little brushing up.  Being prepared for buying a home is the best thing you can do to ensure a smooth real estate transaction.
 You don’t have to spend weeks or months learning the process of buying a home.  Neither do you have to attend expensive seminars or purchase manuals or books.  Much of what you need to learn about buying a home you can learn from the comfort of your own home using the internet.  The most important thing is that you do some work to become familiar with purchasing a buying a home me before you attempt to complete a transaction.
 Before you even think about contacting a real estate agent, you need to first define your reason for buying a home.  It’s easy to come up with the cliché reasons for buying a home, but the “American Dream” simply isn’t reason enough to spend the money you are about to spend on a home.  When you can clearly articulate your reason for buying a home, the shopping process is a lot easier.
 Take a hard look at your finances.  This is one part of the preparation that should not be neglected.  Because buying a home is such a large financial undertaking, it is imperative that you understand what your budget looks like.  You need to be able to afford the monthly mortgage payment.  Before that you need to qualify for a mortgage.  Even after you have purchased the home you should have some breathing room in your budget.
 Educate yourself on the mortgage process.  There are many different kinds of mortgages available.  Find out what these are and from where you can get them.  A satisfactory mortgage is just as important as the home that you are using the mortgage for.
 Know how much you can afford to pay for a mortgage.  By looking at your monthly income and expenditures, you can use the amount left over to determine the amount you can afford to pay for a mortgage.
 Develop a list of needs and wants for your home.  Recognize that the two are not one and the same.  A need is something that you require from a home.  You cannot live without it.  A want is something you desire in your home.  Making this distinction is essential in the final home you purchase and the amount of money you spend on it.
 The preparation you put into buying a home will have a major effect on your home shopping experience.  Take the steps necessary to make sure you purchase the best home for you.
To get the complete listing of available remax properties bryan tx, refer to Sarah Miller’s page.

Preparing For the Home Move

 At this point in time, you’re excited about your upcoming home move, but not so excited about the actual moving process.  It seems like all the little things that you’ve been putting off are now becoming big things with more of an impact that you first realized.  The moving process can go a lot smoother if you plan the steps you need to take for the home move before the time to take those steps.
 One of the first things you should do when you are preparing for the home move is to let people know that you are moving.  Of course, your friends and family are likely already aware of the home move.  But don’t forget about lenders, organizations, and magazine publishers.
 Send a change of address card to your contacts so you won’t miss any important mail.  You can file your forwarding address with your local post office so mail will be forwarded from your old address to your new address.  Then you can update your address with these contacts as you receive mail at your new address.
 To downsize on the amount of items you’ll have to move start by retuning borrowed items to their rightful owners.  You might also want to retrieve items you’ve loaned from your neighbors. If the items aren’t that important to you consider letting the neighbors have them.
 You should let your utility service providers know that you are preparing for a home move a few weeks before your home move date.  If you are relocating within the same area, you can simply arrange for a transfer of service.  However, if you are moving to an area that does not use the same utility providers, then you will need to completely disconnect service.
 Arrange to have utility service started at your new location.  Coordinate the connects and disconnects so that you aren’t paying for utilities in two locations.
 Your bank is one of the most important institutions to inform of your intentions of a home move.  If you plan to keep the same accounts, you can simply have your address updated on the accounts.  You should also have new checks printed with your new address.  However, if you plan to open an account in a new bank it should be done during the home move preparation period.  The most important thing is that you have access to your money in your new home.  If you are changing banks, you should leave your old account open until all checks and other charges have cleared.
 If you are going to be driving a long distance, you should have your car serviced before the home move.  It might take you some time to find a place to have your car serviced in the new area.
 Schedule any final appointments with your doctor and dentist so you will have time to find care providers in your new area.
 There are a lot of steps you need to complete outside of putting your things into boxes and loading them on to a truck.  To help keep tasks organized you might consider creating a checklist.
To get the complete listing of available remax properties bryan tx, refer to Sarah Miller’spage.