The Purchase And Sale Agreement Extension Form is essential when circumstances require modification of the original closing timeline in a real estate transaction. Common in the United States real estate market, this document is utilized when parties need additional time to complete due diligence, secure financing, or address other contingencies. The form preserves the original agreement's terms while formally documenting the new timeline and any additional conditions or consideration associated with the extension. It provides legal protection for all parties by ensuring the extension is properly documented and agreed upon.
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1. Parties: Identification of buyer and seller with complete legal names and addresses
2. Background: Reference to original purchase agreement including date and property details
3. Definitions: Key terms used in the extension agreement
4. Extension Terms: Specific details of the extension including new dates and deadlines
5. Consideration: Any additional payment or consideration for the extension
6. Original Agreement Status: Statement confirming all other terms of original agreement remain in effect
7. Execution: Signature blocks for all parties
1. Additional Conditions: New conditions attached to the extension, used when parties agree to additional terms as part of extension
2. Price Adjustment: Changes to original purchase price, used when extension includes price modifications
3. Deposit Modifications: Changes to deposit terms, used when extension affects deposit arrangements
1. Schedule A - Original Agreement: Copy of original purchase and sale agreement
2. Schedule B - Property Description: Legal description of property being purchased
3. Schedule C - Timeline: Updated timeline showing original and extended dates
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