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The Addendum To Purchase And Sale Agreement is a crucial document in Canadian real estate transactions when modifications to the original agreement become necessary. It is typically used when circumstances change between the initial agreement signing and the closing date, requiring formal documentation of modifications to terms such as purchase price, closing date, conditions, or property specifications. This document must comply with both federal and provincial real estate laws, including the Statute of Frauds requirement for written modifications to real estate contracts. It serves as a legally binding amendment that becomes an integral part of the original Purchase and Sale Agreement, ensuring all changes are properly documented and enforceable. The addendum is particularly important in protecting all parties' interests while maintaining the validity of the transaction within the Canadian legal framework.
