When entering into a purchase and sale agreement, it`s important to ensure that the agreement is clear and complete. However, even the most carefully drafted agreement may need to be amended at some point during the transaction. In this article, we will discuss a sample amendment to purchase and sale agreement that can be used to modify the terms of the agreement.
Before we dive into the sample amendment, let`s briefly review the purpose of a purchase and sale agreement. This type of agreement is typically used in real estate transactions to outline the terms of the sale, including the purchase price, closing date, and contingencies (such as inspections or financing). The agreement is a legally binding contract between the buyer and seller.
Now, let`s take a look at a sample amendment to purchase and sale agreement. This amendment is meant to be used when both parties agree to modify the original agreement in some way.
Sample Amendment to Purchase and Sale Agreement
This Amendment to the Purchase and Sale Agreement (the “Agreement”) is entered into between [Seller`s Name] (“Seller”) and [Buyer`s Name] (“Buyer”) on [Date]. This Amendment modifies the terms of the Agreement as follows:
1. Section [Insert Section Number] of the Agreement shall be deleted in its entirety and replaced with the following:
[Insert New Language]
2. The purchase price shall be increased to $[Insert New Purchase Price].
3. The closing date shall be extended to [Insert New Closing Date].
4. [Insert any other modifications to the Agreement].
Except as modified herein, the Agreement remains in full force and effect.
This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
In Witness Whereof, the parties have executed this Amendment as of the date and year first above written.
[Seller`s Signature] [Buyer`s Signature]
[Printed Name] [Printed Name]
As you can see, this amendment is relatively straightforward and can be customized to fit the specific needs of the transaction. The key elements to include are the modifications to the original agreement, the new purchase price, the new closing date (if applicable), and any other changes that may be necessary.
It`s important to note that any modification to a purchase and sale agreement should be made in writing and signed by both parties. Verbal agreements or informal changes may not hold up in court if a dispute arises.
In conclusion, a sample amendment to purchase and sale agreement can be a useful tool for modifying the terms of an agreement in a clear and legally binding way. By following the structure outlined in this article and customizing the language to fit your specific needs, you can create an amendment that will help ensure a smooth and successful real estate transaction.