Which addendum should be read along with the real estate purchase contract?

The FHA/VA addendum is essential to read alongside the real estate purchase contract because it includes specific terms and conditions relevant to loans backed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). These addenda provide important information about financing options for buyers who may qualify for these government-backed loans, outlining any additional requirements or protections for the buyer and seller. For instance, it may detail aspects like the appraisals, credit scores, or pitfalls related to financing that may not be addressed in the standard purchase agreement.

While there may be other addenda available that pertain to different situations, such as rental applications or standard operating procedures, they do not specifically address the nuances of FHA or VA financing in the context of a purchase contract. Understanding these details is crucial for both buyers and sellers involved in a transaction that utilizes such financing. Therefore, the FHA/VA addendum serves a significant purpose in ensuring all parties are aware of and agree to the specific stipulations that influence the transaction.