Amendment (Agreement of Purchase and Sale)

This precedent allows for the mutual agreement between the Purchaser and the Vendor to make changes to a signed Agreement of Purchase and Sale ("APS"). If both parties agree to make changes which extend deadlines, change monetary amounts, and change other details of the APS, this Agreement spells it all out in writing. There should be certainty going forward that the original APS is "as amended" by this agreement. This precedent contains practical guidance and drafting notes. An APS usually contains provisions which allow for certain minor modifications and adaptations to be made without the need for a new agreement between the two parties. However, if significant changes are needed for an APS, then a more formal Amendment agreement is prepared. It may be used to amend a series of items such as deposit amounts, extra deposits, timelines and deadlines for completing certain tasks, resetting the closing date and other deliverable items, and amending the final consideration to name only a...