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The Purchase Price Change Addendum is essential when parties to an existing purchase agreement need to modify the originally agreed-upon price. This situation commonly arises due to various factors such as property appraisal results, discovery of property issues during inspection, market value changes, or mutual agreement between parties. The document is particularly relevant in Canadian real estate transactions, where it must comply with provincial real estate laws and federal contract regulations. It typically includes details of the original agreement, specific price modifications, payment term adjustments, and any conditions attached to the price change. This addendum ensures legal protection for all parties while maintaining transparency in the transaction process. It's crucial for both residential and commercial property transactions and must be properly executed to be legally binding under Canadian law.
