Some addendums are about ordinary issues that do not require much careful thought, such as: “Washer and dryer shall remain and are included in the purchase price.” Nice and simple. Other addendums require careful wording, especially when money is the issue. For instance, in a recent sale, the buyer and seller agreed that if the tenant was not out by a certain date, the seller would pay the buyer a certain sum of money. The money was intended to be paid only if the tenant was not out. However, the addendum was not clearly written. The tenant did move out in time, but other matters arose that provide the buyer with a thought,. “Hey, that extra money the seller promised me is still due me anyway even through the tenant is out.” Why did the buyer think this? Because the addendum was poorly worded, leaving room for creative thinking.
Whats the solution? Nail concepts down very clearly and specifically. This may require some thought on everyones part in creating an addendum that does clearly address the issues. It is best to seek managements advise when creating any addendum that is not ordinary, and especially an addendum regarding monies to be given to either party for whatever reason.