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Video instructions and help with filling out and completing Residential lease extension amendment

Instructions and Help about Residential lease extension amendment

Well hello everyone Frank gray with Abbi Realty back to do a quick tutorial on how to complete the amendment to a contract typically this is referred to as a repair amendment because that's typically what it's used for but it does have other uses as we will see as we go through the document I am open in a transaction in zip form plus typically when you're putting together a buyer template you will include the amendment as one of the standard documents but just in case you've not done that I'm gonna select the documents button then I'm gonna go to all forms type in the word amendment select all sources of documents and there you will see we have amendment number one we'll select it closed forms and now we will find that little amendment right down here at the bottom so we'll open it up you'll see it's already pre-populated with the property address I'm gonna just blank that out for privacy purposes let me run through this very quickly you would put in the street address and city seller and buyer amend the contract as follows and then you're going to check the appropriate boxes so if the sale price is changing you'll check this box and then put in the revised sale price and financing amount the second option in addition to any repairs and treatments otherwise required by the contract seller at sellers expense shall complete the following repairs and treatments so typically you're going to check that and you're going to start listing the repairs I like to begin this section with a little explanatory note that says as referenced in the attached inspection report and I've put that in there because typically there is a big description and even photos and the inspection report you don't have room for all of that in this little box so for example the first item might be have HVAC system inspected and repaired by qualified technician and then I'll put in parentheses page 12 or whatever it is in the inspection report that's harkens back to this statement as referenced in so then they can see exactly what the concern was in regard to the HVAC system then you would just continue with your items here if you needed additional room you could reference at the very bottom continued in a supplementary amendment but if you have reasonable buyers that shouldn't be necessary number three the date and paragraph nine of the contract is changed to that's the closing date so if you're changing that date it will check that box number four the amount in paragraph 12 a one B of the contract has changed to that's where you put in the amount of seller contribution and sometimes buyers will elect to receive a certain amount of money in lieu of repairs you can put that money here by the way you never want to use that phrase in lieu of repairs.

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