The Real Estate Addendum to Extend Closing Date is commonly used when circumstances necessitate postponing the original closing date of a property transaction. This document is essential in U.S. real estate transactions when delays occur due to financing issues, title complications, inspection matters, or other unforeseen circumstances. The addendum must comply with state-specific real estate laws and typically includes the original agreement reference, current closing date, new closing date, and any additional terms or considerations for the extension. It serves as a formal modification to the original purchase agreement and requires proper execution by all parties to maintain legal enforceability.
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1. Original Agreement Reference: Details of the original purchase agreement including date and parties
2. Parties: Identification of buyer(s) and seller(s) as named in original agreement
3. Current Closing Date: Statement of the currently scheduled closing date
4. New Closing Date: Clear specification of the new proposed closing date
5. Consideration: Statement of any additional consideration for the extension
6. Original Terms Confirmation: Statement that all other terms remain unchanged
7. Signatures: Signature blocks for all parties and dates
1. Extension Fee: Terms of any fee required for the extension if monetary consideration is required for the extension
2. Financing Contingency: Modified terms related to financing requirements when financing terms need adjustment due to the extension
3. Multiple Extension Provisions: Terms for potential additional extensions when parties want to address possibility of future extensions
1. Updated Closing Cost Schedule: Revised closing costs accounting for the extension
2. Extension Fee Payment Schedule: Timeline for payment of any extension fees
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