The Extension of Time Addendum (Real Estate) is commonly used when parties need additional time to complete various aspects of a real estate transaction. This document becomes necessary when circumstances such as financing delays, inspection issues, or other unforeseen events prevent meeting original deadlines. Under U.S. jurisdiction, this addendum must be in writing and signed by all parties to be legally binding. It specifies the new timeline while preserving all other terms of the original agreement, ensuring legal compliance and protecting all parties' interests.
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1. Parties: Identification of all parties to the original agreement and extension
2. Background: Reference to original agreement and reason for extension
3. Definitions: Key terms used in the addendum
4. Extension Terms: Specific details of the time extension, including new deadlines
5. Original Agreement Validity: Confirmation that all other terms of original agreement remain in effect
6. Execution: Signature blocks and date of extension
1. Additional Consideration: Details of any additional payment or consideration for the extension
2. Modified Terms: Any other terms being modified besides time
3. Conditions Precedent: Any conditions that must be met for extension to be valid
1. Schedule A - Timeline: Detailed timeline showing original and extended dates
2. Schedule B - Property Description: Description of property if different from original agreement
3. Schedule C - Additional Consideration Details: Breakdown of any additional payments or considerations
Relevant legal definitions
Agreement
Original Purchase Agreement
Property
Extension Period
Effective Date
Original Closing Date
New Closing Date
Seller
Buyer
Parties
Extension Fee
Business Day
Due Diligence Period
Contingency Period
Title Company
Escrow Agent
Original Contract Price
Additional Consideration
Earnest Money
Extension Notice
Time of Essence
Force Majeure Events
Modification
Written Notice
Clauses
Time Extension
Acknowledgment
Consideration
Original Agreement Reference
Conditions Precedent
Ratification
Binding Effect
Notice Requirements
Time of Essence
Force Majeure
Modification
Governing Law
Severability
Amendment
Counterparts
Integration
Further Assurances
Authority
Compliance
Recording
Due Diligence Extension
Financing Contingency Extension
Title Review Extension
Inspection Period Extension
Closing Date Extension
Relevant Industries
Relevant Teams
Relevant Roles
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