Risks of Seeking a Condition Extension By Amendment

(Ontario)

Question:

My question is about an amendment. When we want to extend the date of a condition, we send an amendment. There is an irrevocable date on that. For example, a condition expires on May 10, we send that same day, an amendment and ask for extension up to May 15. Could we make it irrevocable up to May 11 for the Seller to respond, or it should be to end of May 10?

Answer:

Neither.

The condition is due on 10 May. There must be a time.

You want an extension.

If the condition is due at 5:00 pm on 10 May, then the irrevocable for the Amendment requesting the extension must be well BEFORE 5:00 pm, so that as a Buyer you will know what to do.

Do nothing or request an extension on 11 May, the deal became null and void at 5:00 pm on 10 May.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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