The Personal Property Addendum To Real Estate Contract serves as a crucial supplement to main real estate purchase agreements in the United States. It becomes necessary when the sale includes significant personal property items beyond standard fixtures. This document helps prevent disputes by clearly documenting what items are included, their condition, and value. It's particularly important in furnished home sales, business property transfers, or when valuable items are being included in the transaction. The addendum provides legal clarity and protection for all parties by explicitly defining the terms of personal property transfer.
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Key Requirements PROMPT example:
Personal Property Addendum To Real Estate Contract
"I need a Personal Property Addendum To Real Estate Contract for the sale of my furnished vacation home in Florida, including an extensive list of antique furniture and artwork valued at approximately $250,000, with closing scheduled for March 2025."
1. Parties: Identification of buyer, seller, and any other relevant parties to the addendum
2. Background: Reference to main real estate contract and purpose of the personal property addendum
3. Definitions: Key terms used in the addendum including personal property, fixtures, and other relevant definitions
4. Personal Property Included: Detailed list and description of all personal property items included in the sale
5. Valuation: Agreed value of personal property items and how this affects the total purchase price
6. Condition of Items: Statement regarding the condition of personal property at closing and any inspection rights
7. Integration Clause: Statement that the addendum is part of the main contract and supersedes prior agreements regarding personal property
1. Excluded Items: List of personal property specifically excluded from the sale that might otherwise be assumed included
2. Warranties: Specific warranties for personal property items and transfer of manufacturer warranties where applicable
3. Maintenance Requirements: Specific care and maintenance requirements before closing for included personal property
1. Schedule A - Inventory List: Detailed inventory of all personal property items with descriptions and identifying information
2. Schedule B - Photographic Evidence: Photographic documentation of the condition of included personal property items
3. Schedule C - Valuations: Individual valuations of significant personal property items included in the sale
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