The Purchase And Sale Agreement Extension Form is a crucial legal document used in Canadian real estate transactions when parties need to modify the timing or specific terms of an existing purchase agreement. This document becomes necessary when circumstances require an extension of key dates such as the closing date, condition fulfillment periods, or inspection timeframes. It's commonly used when financing arrangements require additional time, property inspections reveal issues needing resolution, or other legitimate delays occur in the transaction process. The form must comply with both federal and provincial real estate regulations and typically includes references to the original agreement, specific details of the extension period, any additional consideration, and confirmation of other unchanged terms. It's essential for maintaining the legal continuity of the purchase transaction while accommodating necessary timeline modifications.
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1. Parties: Identification of all parties to the original agreement, including full legal names and addresses
2. Background: Reference to the original Purchase and Sale Agreement, including its execution date and any previous extensions
3. Definitions: Key terms used in the extension agreement, particularly those referenced from the original agreement
4. Extension Details: Specific dates being extended, including original and new dates
5. Consideration: Any additional deposit or consideration required for the extension
6. Confirmation of Original Terms: Statement confirming all other terms and conditions of the original agreement remain unchanged
7. Authorization: Confirmation that all parties have the authority to execute this extension
8. Execution: Signature blocks for all parties and dates of signing
1. Additional Conditions: Any new conditions or modifications to existing conditions that apply specifically to the extension period
2. Price Adjustment: Used when the extension includes any modifications to the original purchase price
3. Deposit Modifications: Include when there are changes to deposit amounts or schedules
4. Cost Allocation: Section specifying who bears any costs associated with the extension
5. Broker/Agent Acknowledgment: Include when real estate agents are involved in facilitating the extension
6. Time Sensitivity Declaration: Used when the extension has specific time-sensitive requirements or deadlines
1. Schedule A - Original Agreement: Copy or summary of the original Purchase and Sale Agreement
2. Schedule B - Timeline Modification: Detailed breakdown of all dates being modified, including closing dates, condition dates, and inspection periods
3. Schedule C - Additional Deposit Details: If applicable, details of any additional deposit requirements and payment schedules
4. Appendix 1 - Supporting Documentation: Any relevant supporting documents justifying the need for extension
Relevant legal definitions
Agreement
Original Agreement
Extension Period
Closing Date
Extended Closing Date
Property
Purchase Price
Deposit
Additional Deposit
Purchaser
Seller
Parties
Business Day
Conditions Precedent
Extension Fee
Effective Date
Original Effective Date
Extension Commencement Date
Completion Date
Amendment
Contract Documents
Governing Law
Notice
Real Estate Agent
Solicitor/Lawyer
Time of Essence
Writing
Extension Agreement
Original Agreement
Extension Period
Closing Date
Extended Closing Date
Property
Purchase Price
Deposit
Additional Deposit
Purchaser
Seller
Parties
Business Day
Conditions Precedent
Extension Fee
Effective Date
Original Effective Date
Extension Commencement Date
Completion Date
Amendment
Contract Documents
Governing Law
Notice
Real Estate Agent
Solicitor/Lawyer
Time of Essence
Writing
Extension Agreement
Clauses
Extension Period
Time Modification
Additional Consideration
Deposit Requirements
Original Terms Confirmation
Conditions Precedent
Representations and Warranties
Authority and Capacity
Governing Law
Notice Requirements
Time of Essence
Further Assurances
Counterparts
Electronic Execution
Entire Agreement
Severability
Amendment and Modification
Binding Effect
Legal Compliance
Cost Allocation
Time Modification
Additional Consideration
Deposit Requirements
Original Terms Confirmation
Conditions Precedent
Representations and Warranties
Authority and Capacity
Governing Law
Notice Requirements
Time of Essence
Further Assurances
Counterparts
Electronic Execution
Entire Agreement
Severability
Amendment and Modification
Binding Effect
Legal Compliance
Cost Allocation
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial Property
Retail Property
Agriculture (Farmland)
Property Development
Construction
Banking and Finance
Legal Services
Relevant Teams
Legal
Real Estate Operations
Compliance
Property Management
Contract Administration
Business Development
Investment
Risk Management
Document Control
Asset Management
Relevant Roles
Real Estate Agent
Real Estate Broker
Property Manager
Legal Counsel
Corporate Lawyer
Real Estate Lawyer
Compliance Officer
Contract Administrator
Real Estate Transaction Coordinator
Property Developer
Business Development Manager
Real Estate Investment Manager
Title Officer
Escrow Officer
Real Estate Portfolio Manager
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