Real Estate term question?

Question

what does no alterations to corporate addendum or p&s mean?

Answer 1

ok,  the context would help me be more specific.  but i'm going to assume you're looking to buy some forclosed or bank owned property.

P&S = Purchase and Sale,  usually refered to as a P&S agreement, or just the P&S.  this is the form that's filled out when making an offer on a house, and what finally gets signed (with any alterations needed) by both parties when a deal is struck.

Corporate Addendum is a doccument that is added on to the P&S. piggybacked so to speak.  banks that are selling forclosed property will almost always tag one of these on.  it can (and usually does) supercede most of the P&S.  and they don't allow any modifications to it.   read it carefully, they put stuff in like (for every day after the scheduled closing date that the closing is delayed the buyer will pay 100 dollars, including weekends)  so it has the potential to be a doosey.

the addendum is to protect the bank in every way.