Purchase Agreement Addendum

A sales purchase agreement (SPA) is a legally binding contract between a buyer and a seller that outlines the terms and conditions of a property or asset sale. Key elements of the agreement include:

• Parties Involved: Names of the buyer and seller.

• Property Description: Details about the property or asset being sold.

• Purchase Price: The agreed-upon price for the transaction.

• Payment Terms: Payment method, deposit requirements, and financing conditions (if applicable).

• Contingencies: Conditions that must be met for the sale to proceed, such as inspections or financing approval.

• Closing Details: Date and process for transferring ownership.

The SPA ensures both parties understand their rights, responsibilities, and the transaction’s terms, reducing potential disputes.