If you`re in the process of buying or selling a property, you`ll likely come across Form 120 – the agreement of purchase and sale form used in many provinces in Canada. This form lays out the terms of the agreement between the buyer and seller, covering everything from the purchase price to closing dates and conditions.
However, it`s important to note that sometimes the terms of the agreement may need to be revised or amended after it`s been signed by both parties. In this case, you`ll need to use an amendment to agreement of purchase and sale form (Form 120A).
Why use an amendment form?
An amendment form is used when there are changes to the original agreement that both parties have agreed to. This could be due to a variety of reasons, such as a change in closing dates, a change in the purchase price, or the inclusion of additional conditions.
Using the amendment form ensures that all changes are made in writing and are agreed upon by both parties. It also helps to avoid any confusion or misunderstandings down the line.
How to use the amendment form
When filling out the amendment form, you`ll need to include the following information:
1. The date of the original agreement
2. The names and addresses of the buyer and seller
3. The changes being made to the agreement
4. The date that the changes will come into effect
5. The signature of both the buyer and seller
It`s important to note that the amendment form should be signed and dated by both parties before the changes come into effect. This ensures that both parties are aware of and agree to the changes being made.
Why it`s important to use the correct form
Using the correct form – whether it`s the original agreement form or the amendment form – is critical to ensure that the transaction proceeds smoothly, and all parties are in agreement on the terms of the agreement.
Using the wrong form or not using a form at all can lead to confusion, misunderstandings, and potential legal issues down the line. Taking the time to ensure that the correct form is used and all changes are agreed upon in writing can help to avoid these issues and ensure a successful transaction.
In conclusion, if you`re in the process of buying or selling a property and need to make changes to the original agreement, it`s important to use the amendment to agreement of purchase and sale form (Form 120A). This ensures that all changes are made in writing and agreed upon by both parties, helping to avoid confusion and potential legal issues down the line. As a copy editor with experience in SEO, I highly recommend using the correct form and ensuring that all changes are agreed upon in writing to ensure a successful transaction.