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The Closing Date Extension Addendum is essential in Canadian real estate and commercial transactions when circumstances require a modification to the originally agreed-upon closing date. This document is typically used when unforeseen circumstances arise, such as financing delays, document preparation issues, or other legitimate reasons that prevent parties from closing on the initial date. The addendum must be drafted in compliance with Canadian provincial real estate laws and should clearly reference the original agreement, specify the new closing date, and address any additional terms or conditions related to the extension. It's crucial for maintaining the legal framework of the transaction while providing flexibility in timing. The document is particularly important in markets where time-sensitive transactions are common and formal documentation of changes is required for legal and regulatory compliance.

1. Parties: Identification of all parties to the original agreement and this addendum

2. Background: Reference to the original agreement including its date and subject matter, and brief context for the extension

3. Definitions: Key terms used in the addendum, particularly those carried over from the original agreement

4. Extension Details: Specific details of the new closing date and time

5. Original Agreement Confirmation: Statement confirming all other terms and conditions of the original agreement remain in full force and effect

6. Consideration: Statement of consideration (if any) for the extension

7. Execution: Signature blocks and execution requirements for all parties