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Today: Dec 14, 2010
A Quick Checklist when completing an Offer to Purchase: |
Click Here to Download Comprehensive Free Offer to Purchase
What happens if you make a mistake on the contract? If a mistake is made in a contract for example, the date is written incorrectly, it does NOT render the contract invalid. Such an error can be rectified. Rectification is the correction of the written record and does not allow for any additional terms to be included in the contract. Therefore omitted words may be added, extra words may be deleted and incorrect words may be replaced by means of rectification so that the mistake may yield to the truth of the matter. It is always in the best interest of all parties to the agreement, to initial next to the rectification, in order to eliminate future disputes about the mistake. Completing a Standard Pre-Printed Offer to Purchase Document and Drafting Clauses.
An example of an amendment on a document separate from the main contract:
ANNEXURE A This is an addendum to the Agreement of Sale concluded between ____________ (seller) and ____________ (purchaser) in respect of __________________ (description of property) to which this document is attached. The parties agree on the following additional terms: 1. _________________________________________________ 2. _________________________________________________ 3. _________________________________________________ Signed at _______________ (place) on _____________ (Date). Seller: _________________ Witness: ________________ Purchaser: _________________ Witness: ________________ A contract can be amended after all the parties have signed it, as long as the amendment is in writing, signed by all the parties and, in the case of a separate document, attached to the main contract. It is not essential that the parties initial each page of the document, although it is recommended to avoid possible disputes. It is also not essential for a witness to sign a contract for it to be valid. The witness only really acknowledges that the contract was signed by the person whose signature he witnessed. Two witnesses must attest the signature of a spouse married in community of property who consents to an agreement of sale in a document separate from the agreement of sale. |