The Purchase And Sale Agreement Extension Form is utilized when parties to a property transaction in England and Wales need to modify the completion timeline of their original agreement. This commonly occurs due to financing delays, property chain complications, or other unforeseen circumstances. The document preserves all original terms while specifically amending time-related provisions, ensuring compliance with the Law of Property Act 1925 and related legislation. It provides a formal mechanism to extend the agreement without the need to draft an entirely new purchase contract.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Reference to original purchase agreement and reason for extension
3. Definitions: Key terms used in the extension agreement
4. Extension Terms: Specific details of the time extension being granted
5. Original Agreement Status: Confirmation that all other terms of original agreement remain in force
6. Execution: Signature blocks and execution formalities
1. Additional Consideration: Section covering any additional payment required for the extension - used when extension involves additional payment
2. Conditions Precedent: Section detailing any conditions that must be met before extension becomes effective - used when extension is subject to specific conditions
3. Further Assurance: Section containing obligation to execute additional documents if needed - used when complex transaction might require additional documentation
1. Original Purchase Agreement: Copy of the original agreement being extended
2. Property Details: Description of the property (if different from original agreement)
3. Payment Schedule: Updated payment terms if applicable
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