Addendum To Sales Contract Extension Of Closing Template for United States

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Key Requirements PROMPT example:

Addendum To Sales Contract Extension Of Closing

"I need an Addendum To Sales Contract Extension Of Closing to extend the closing date of my residential property sale from March 15, 2025, to April 30, 2025, due to pending mortgage approval, with the buyer agreeing to pay a $5,000 extension fee."

Document background

The Addendum To Sales Contract Extension Of Closing is utilized when parties to a real estate transaction need to modify the original closing date specified in their sales contract. This situation commonly arises due to various circumstances such as lending delays, inspection issues, or other unforeseen events that prevent closing on the initially agreed date. The document is particularly relevant in U.S. real estate transactions where timing adjustments are needed while maintaining the integrity of the original agreement. It includes critical information such as the new closing date, any additional considerations or conditions for the extension, and confirmation that all other original contract terms remain in effect. This addendum must comply with both federal regulations and state-specific real estate laws, making it an essential tool for maintaining legal compliance while accommodating necessary timeline modifications in real estate transactions.

Suggested Sections

1. Identification of Original Contract: Reference to the original sales contract being modified, including date of original contract and key identifying details

2. Parties: Full identification of all parties to the original contract, including buyer(s) and seller(s)

3. Background: Brief recitals explaining the context and reason for the extension addendum

4. Definitions: Key terms used in the addendum, particularly any new terms not in the original contract

5. New Closing Date: Clear statement of the new closing date and time

6. Original Terms Confirmation: Affirmation that all other terms and conditions of the original contract remain unchanged and in full force

7. Signatures: Execution block including dates and notarization requirements if applicable

Optional Sections

1. Additional Consideration: Terms of any additional payment or consideration required for the extension of closing date

2. Financing Conditions: Modified financing terms or conditions necessitated by the extension

3. Extension Conditions: Any specific conditions or requirements that must be met during the extension period

4. Deadlines Adjustment: Modifications to any other deadlines or timeline-dependent provisions in the original contract

Suggested Schedules

1. Updated Closing Cost Schedule: Revised schedule of closing costs reflecting any changes due to the extended closing date

2. Extension Fee Schedule: Detailed breakdown of any extension fees or additional payments required

3. Updated Timeline: Schedule showing all adjusted dates and deadlines affected by the extension

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Original Contract
Original Closing Date
Extended Closing Date
Property
Parties
Extension Period
Extension Fee
Closing
Business Day
Effective Date

Clauses

Extension Terms
Time Amendment
Consideration
Representations and Warranties
Original Terms Preservation
Further Assurances
Conditions Precedent
Notice
Amendment
Governing Law
Counterparts
Integration

Relevant Industries

Residential Real Estate
Commercial Real Estate
Investment Property
Land Development

Relevant Teams

Compliance
External Counsel
In-house Legal
Operations
Sales

Relevant Roles

Attorney
Conveyancer
Real Estate Attorney
Contract Manager
Title Officer

Find the exact document you need

Addendum To Note

A legal document under English and Welsh law that modifies or amends the terms of an existing promissory note.

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Authors

Alex Denne

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