Amendment
A signed change to a contract that is already in effect, such as a new closing date or lower price. It must be signed by both sides to count.
Also called: contract amendment, change to contract
Related terms
An extra document attached to the contract, usually when it is first signed, that adds terms or details. Common ones cover lead paint, HOA rules or a home sale contingency.
The signed contract between buyer and seller that sets the price, deadlines, contingencies and terms of a sale. Once both sides sign, the property is under contract.
The date set in the contract for the sale to close. It can move only if both sides sign an amendment.
A written list from the buyer, after inspection, asking the seller to fix items, give a credit or lower the price. The seller can agree, refuse or counter.