Extension Agreement (Agreement of Purchase and Sale) (Short Version)

Summary

This precedent is an agreement for extending or re-scheduling the date and time for requisitions, conditions, inspection or other due diligence. It allows the parties to exercise the rights under that agreement to change dates and deadlines or to do so because both parties agree to the change. The example provided here is a short and simplified agreement. A longer and more complex agreement may be needed depending on the circumstances. This precedent contains practical guidance and drafting notes. An Agreement of Purchase and Sale (Purchase Agreement) is usually negotiated around the needs of both sides to be able to accomplish certain things before closing. For example, the Purchaser may need so many days or months to conduct an inspection of the property, or conduct due diligence regarding title and off-title matters. The Purchaser may need several weeks to obtain proper financing for the transaction. The Vendor, similarly, might need so many days to gather and provide critical ...