Tag Archive for: Amendment

Amendment

Amendment

amendmentə-mĕnd′mənt

noun

  1. The act of changing for the better; improvement.
  2. A correction or alteration, as in a manuscript.
  3. The process of formally altering or adding to a document or record.

In mortgage financing we get amendments all the time, when closing dates changes, when the prices change and if the purchaser’s on the original purchase and sale agreement have changed. It basically means that the first legal document was not set in stone as ultimate final version. Amendments are basically improvements to the original document. Also subsequent amentments can also nullify prior amendments as they are in fact additions or corrections to the original document.

Things change with time and need to be updated to keep pace. Amendments written 230 years ago are out of date reflecting archaic values and need to be updated to reflect current times. The sooner … Read more