Addendum Amendment To Purchase And Sale Agreement Template for Canada

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Key Requirements PROMPT example:

Addendum Amendment To Purchase And Sale Agreement

"I need an Addendum Amendment to Purchase and Sale Agreement to modify the closing date to March 15, 2025, and adjust the purchase price from $850,000 to $825,000 due to inspection findings on a commercial property in Ontario."

Document background
The Addendum Amendment To Purchase And Sale Agreement is a vital legal instrument in Canadian real estate transactions, used when parties need to modify terms of an existing purchase agreement without drafting an entirely new contract. This document is commonly required when circumstances change between the initial agreement and closing, such as inspection findings, financing adjustments, or closing date modifications. It must comply with Canadian federal and provincial real estate laws, including the Statute of Frauds and provincial real estate regulations. The amendment ensures legal continuity while incorporating necessary changes, requiring proper execution by all original parties to maintain enforceability. It's particularly crucial in complex real estate transactions where flexibility is needed to address evolving circumstances while maintaining legal protection for all parties involved.
Suggested Sections

1. Parties: Full legal names and addresses of all parties involved in the original Purchase and Sale Agreement

2. Background: Reference to the original Purchase and Sale Agreement, including its date and any previous amendments

3. Definitions: Key terms used in the amendment, including reference to definitions from the original agreement that remain applicable

4. Amendment Details: Specific modifications to the original agreement, clearly stating what is being changed, removed, or added

5. Effect on Original Agreement: Statement confirming that all other terms and conditions of the original agreement remain in full force and effect

6. Integration: Clause stating that this amendment forms part of the original agreement

7. Execution: Signature blocks for all parties, including date of signing

Optional Sections

1. Consideration: Required if additional consideration is being provided for the amendment

2. Conditions Precedent: Include if there are specific conditions that must be met before the amendment takes effect

3. Representations and Warranties: Include if new representations or warranties are being added or existing ones are being modified

4. Time Sensitive Provisions: Include if the amendment contains deadline modifications or time-sensitive requirements

5. Regulatory Compliance: Include if the amendment needs to address specific regulatory requirements or approvals

6. Third Party Consents: Include if the amendment requires approval from lenders, insurers, or other third parties

Suggested Schedules

1. Schedule A - Modified Terms: Detailed listing of specific terms being modified, particularly useful for complex changes

2. Schedule B - Revised Price Schedule: If the amendment involves price changes or payment term modifications

3. Schedule C - Updated Property Description: If the amendment involves any changes to property details or included items

4. Appendix 1 - Supporting Documents: Any relevant supporting documentation referenced in the amendment

5. Appendix 2 - Consent Forms: Required third-party consent forms or approvals if applicable

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

Relevant Industries

Real Estate

Commercial Property

Residential Property

Industrial Property

Retail Property

Agriculture

Hospitality

Mixed-Use Development

Construction

Property Development

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Operations

Administrative

Risk Management

Asset Management

Transaction Processing

Contract Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Real Estate Broker

Legal Counsel

Contract Administrator

Transaction Coordinator

Compliance Officer

Real Estate Developer

Asset Manager

Property Administrator

Title Officer

Escrow Officer

Real Estate Paralegal

Director of Real Estate

Chief Legal Officer

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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