I am selling a home in San Diego Ca. and the buyer is purchasing it under his company name. Now that we are about to close escrow, the buyer is asking to change the name using an addendum. Is this legal? Does it change the terms of the original contract at all? Anything I need to look out for?
You can use an addendum to change the identity of the buyer - but you must also notify your title company so that they can perform searches under that name.
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Real Estate Attorney
You can use an addendum to effect the change in the identity of the Buyer, however, it would probably be easier just to do an amended escrow instruction.
This answer does not constitue legal advice, nor does it creat an attorney/client relationship. If you are seeking legal advice upon which you intend to rely, you should hire competent cousel familiar with this area of the law in your locale.
Yes, the name of the buyer can be changed using an addendum to the purchase agreement, and an amendment to the escrow instructions so that the escrow company can prepare a new grant deed with the correct vesting information. It does not otherwise change the terms of the original contract.
Frank W. Chen has been licensed to practice law in California since 1988. The information presented here is general in nature and is not intended, nor should be construed, as legal advice for a particular case. This Avvo.com posting does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult with your own attorney.