03.29.2023 Wordy Wednesday – AMENDMENT
Amendments are quite common in the real estate transaction. We try to hash everything out during the negotiations, but sometimes after two parties have come to an agreement and signed on the dotted line – there could be new information that comes to light. This can cause the original terms to be a little less agreeable or even doable!
When this happens an AMENDMENT is prepared to delete or change some original wording, but it leaves the bulk of the agreement intact.
CAUTION! For an amendment to be successful BOTH parties still have to acknowledge and accept the new or additional terms.
Another example of an amendment is regarding the Canadian government putting a ban on foreign buyers purchasing real estate. Since coming into effect they have realized that some changes needed to be made. So our government just announced amendments to the regulations surrounding the country’s foreign homebuyer ban.
Some of those amendments or ‘changes’ include; an exception for development purposes, it no longer applies to vacant land, work permit holders are eligible to purchase a home, and an increase from 3% to 10% for corporation foreign control threshold.
Feel free to share your thoughts, comments, concerns, hallucinations LOL … Always happy to hear from you!
Sending High Fives!