Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal


Real Estate Classifieds
Reviews & Feedback
Updated about 10 years ago on . Most recent reply

Subject To Addendum
I briefly spoke with an RE attorney who advised me that most of the finer details of a transaction are worked out at the closing table. What I am curious to know is if that is the case, when purchasing a property subject to, would the subject-to addendum need to be signed "at the kitchen" table or is that something that is signed at the closing table?
I ask because the attorney seemed a bit surprised when I asked if they could write up an subject-to addendum for me, as if the addendum is just a minor detail. It didn't occur to me until now that perhaps he meant to say that it's something they take care of after the fact.
Please advise
Most Popular Reply

The "finer details" should never be worked out at closing, they should be defined by the contract, addenda, exhibits, etc.
All details should be addressed in the contract, addenda, exhibits, etc. upfront and any addenda or exhibits should be incorporated into the contract by reference. Otherwise, they don't exist.
If you wait until after you have a legal binding contract to ask the seller to sign a needed document, the seller will be within his/her right to refuse to sign and you'll be left in a very precarious position that will become one of the many horror stories posted on BP.