Document background
The Real Estate Price Change Addendum is a crucial document used in Australian property transactions when parties need to modify the originally agreed purchase price of a property. This situation might arise due to various factors such as property revaluation, building inspection findings, or mutual agreement between parties. The document serves as an amendment to the original contract, ensuring that price modifications are properly documented and legally binding under Australian property law. It includes essential information such as party details, original contract reference, the specific price change, effective date, and any related terms affected by the price modification. The addendum must comply with state-specific property legislation and the Australian Consumer Law, particularly regarding contract variations and consumer protections in real estate transactions.
