Is an addendum to a contract required to remove an existing co-buyer from a property purchase?
Question Details: I was to buy a house with someone else who has now changed their mind. The option to purchase has already been signed by both seller and us making contract binding. Can my co-buyer just call the realtor and have his name removed or is there an addendum required to change the contract? If so, who has to sign it and is it a requirement to have the co-buyer removed from contract in writing only?
A written contract can only be modified, including removing one of the buyers by a written addendum which is signed by *all* parties to the contract: that is, you, your co-buyer, and the seller would all have to agree to remove him and sign the addendum doing so, and if any of you did not, you cannot remove him and he will be obligated to go ahead on the sale with you.
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