Document background
The Real Estate Contract Addendum is a critical document in Canadian real estate transactions that provides a formal mechanism for modifying existing real estate agreements. It is typically used when circumstances change after the initial contract signing but before closing, requiring amendments to terms such as purchase price, closing date, property conditions, or other material aspects of the deal. Operating under Canadian federal and provincial law, this document must comply with specific legal requirements including the Statute of Frauds and provincial real estate regulations. The addendum becomes legally binding when properly executed by all parties and serves as an extension of the original contract, maintaining the same legal force and effect. It's particularly important in complex real estate transactions where flexibility is needed to address changing circumstances while maintaining legal clarity and protection for all parties involved.
