The Anatomy of the Deal: Part 3

In this third installment of the anatomy of the deal, we’re going to cover one of my favorite forms! The Optional Clauses Addendum. If you missed the first and second parts of The Anatomy of the Deal, you can find them here.

Optional Clauses Addendum

This form is considered by those in the industry to be a “catch-all” form. There’s even a spot at the end to add ANYTHING! If you’re not careful, buyers may be able to get things past the seller like a free appliance. This is where having an experienced agent is helpful. We know where to look to ensure you don’t agree to anything you’re not supposed to!

While there is not much to these two pages, it covers items like the square footage of the home/property, title insurance, HOAs, home warranty, personal property left at the time of closing, to even whether or not the seller is required to clean the home. While those might not me terms you hear everyday, it is important to have a general knowledge of what you’re agreeing to, and your agent can help you with that. If you’re still unclear, you can always ask their managing broker. As with anything, don’t sign something you’re not comfortable with. The good news, in Washington at least, is that these forms have all been vetted and standardized by attorneys.

In the next edition of The Anatomy of the Deal, we’re going to skip a few forms that are deal/property specific, and head straight to Form 22T – Title Contingency Addendum. This is a very important form!