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Old 23-09-2016, 06:34   #1
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Amend Purchase agreemnt

I had a sales agreement with contingency on satisfactory survey. Survey was completed and new terms negotiated and agreed. Do I just start a brand new Sales agreement form with new terms or is there a standard form that amends original?
Coast guard Bill of sale will show $1 and I am learning that its really only used to acknowledge transfer of ownership with the Coast Guard.
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Old 23-09-2016, 06:49   #2
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Re: Amend Purchase agreemnt

If you are going through a broker, he/she should advise. If private sale, I would just add a note signed by both parties documenting new agreement.

Why just $1 sale? I would show same as bill of sale used to register and pay state tax
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Old 23-09-2016, 07:53   #3
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Re: Amend Purchase agreemnt

No broker. Cost Guard does not care about amounts. That's why CG-1340 Bill of sale explicitly says 1 dollar in the section on considerations received. I will not be registering with the state. Its Cost Guard documented.
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Old 23-09-2016, 09:38   #4
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Re: Amend Purchase agreemnt

Whether or not you need a whole new contract depends on the extent of the changes. If they are only to things like the specific amount, dates, or list of what is included, then it is usual to note the changes on the original document, and have both parties initial the change. If you are making significant changes to the structure of the sale, however, then a new document might be called for.
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Old 23-09-2016, 09:55   #5
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Re: Amend Purchase agreemnt

Sometimes new is cleaner. Whatever makes the deal obvious and clear is what you want.
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