OREA Form 120 – Amendment to Agreement of Purchase and Sale

Jurisdiction: Country: Canada | Province or State: Ontario

OREA Form 120 – Amendment to Agreement of Purchase and Sale is a standard document used to change the terms of an existing real estate agreement. It does not replace the original agreement. It modifies specific parts while leaving the rest intact.

You encounter this form when something agreed earlier no longer fits the situation. A date shifts. A condition needs adjustment. A detail must be clarified before closing.

This document matters because real estate agreements are time-sensitive and detail-driven. Even small changes need to be recorded clearly. Informal changes can create confusion later.

If you are filling out this form yourself, you are usually responding to a practical issue. You want the written agreement to match what everyone now understands.

This form is designed to be read alongside the original Agreement of Purchase and Sale. Each amendment links back to that original contract and changes only what is stated.

What is OREA Form 120 – Amendment to Agreement of Purchase and Sale?

Clear definition

OREA Form 120 – Amendment to Agreement of Purchase and Sale is a written amendment that changes one or more terms of an existing real estate purchase agreement. It records the change in a structured, formal way.

The amendment becomes part of the original agreement once signed by all parties involved. It does not stand on its own. It relies on the original agreement for context and meaning.

The form identifies the property, the parties, and the specific terms being changed. Everything not mentioned in the amendment usually stays the same.

Who typically uses this form/document?

This form is commonly used by buyers and sellers who already have a signed Agreement of Purchase and Sale. It may also be prepared with the help of a real estate professional.

Self-represented individuals use it when they want to document a change without rewriting the entire agreement. It allows both sides to stay aligned as circumstances evolve.

It is also used when timelines or conditions need to be adjusted before closing. The form provides a clear record of mutual agreement.

Why you might need this form/document

Real estate transactions often change after the initial agreement is signed. Financing takes longer than expected. Repairs take more time. A closing date no longer works.

When that happens, the original agreement no longer reflects reality. This form lets both parties formally agree to a change without starting over.

Using an amendment helps avoid misunderstandings. Everyone can see exactly what changed and when it was agreed.

Typical real-life scenarios

A buyer secures financing but needs a few extra days for lender approval. Both parties agree to extend the financing condition date. The amendment records the new deadline.

A seller agrees to repair a specific item before closing, but the work cannot be completed on time. The parties agree to a price adjustment instead. The amendment reflects that change.

The agreed closing date falls on a day that no longer works due to moving logistics. Both sides agree to move the closing date forward or back. The amendment updates that single term.

An inspection reveals an issue that was not anticipated. The parties agree to modify a condition or add a clarification. The amendment captures that adjustment without altering other terms.

When would you use OREA Form 120 – Amendment to Agreement of Purchase and Sale?

You would use OREA Form 120 – Amendment to Agreement of Purchase and Sale after an Agreement of Purchase and Sale has already been signed. It is not used before an agreement exists.

This form is typically used before closing, while conditions are still being fulfilled or deadlines are approaching. It helps manage changes during the transaction period.

Buyers often use it when financing, inspections, or insurance timelines need to shift. Sellers often use it when access, repairs, or completion dates need adjustment.

Both parties use it when they want a clear written record of a mutual change. It is commonly signed when communication has already happened and agreement has been reached.

This form is not limited to major changes. It is also used for small but important clarifications, such as correcting a description or confirming a revised amount.

Legal characteristics of OREA Form 120 – Amendment to Agreement of Purchase and Sale

This form works by modifying an existing contract rather than replacing it. Its effect depends on how clearly it identifies the original agreement and the changes being made.

For the amendment to function as intended, it generally needs to reference the original Agreement of Purchase and Sale accurately. This includes correct names, property details, and dates.

Problems often arise when the amendment is vague. If the wording does not clearly state what is changing, it can create uncertainty later.

Another common issue is inconsistency. If the amendment conflicts with other parts of the agreement without clarity, it can be hard to interpret.

In Ontario, amendments to real estate agreements commonly require agreement by all original parties. Partial signatures can limit effectiveness.

This form does not create a new sale. It does not change ownership by itself. It only adjusts the terms under which the original sale will proceed.

Is it legally binding?

An amendment like this is typically binding once all parties sign it and it is properly connected to the original agreement. Its binding effect comes from mutual agreement and written confirmation.

The amendment usually takes effect on the date it is signed, unless a different effective date is stated. From that point forward, the changed terms replace the original ones.

If not all parties sign, the amendment may not have the intended effect. The original agreement may continue unchanged.

The amendment does not override legal requirements that apply outside the agreement. It only governs the relationship between the parties under that contract.

How to fill out OREA Form 120 – Amendment to Agreement of Purchase and Sale

Step 1 – Identify the original agreement

Start by locating the section that references the original Agreement of Purchase and Sale. You will enter the date of that agreement and confirm it is the document being amended. This anchors the amendment to the correct contract.

Step 2 – Confirm the parties

Review how the buyer and seller names appear in the original agreement. Enter the names exactly the same way. Consistency helps avoid confusion about who is bound by the amendment.

Step 3 – Describe the property

Ensure the property description matches the original agreement. This often includes the municipal address and legal description. Accuracy here confirms the amendment applies to the correct property.

Step 4 – State the amendment details

Use clear language to describe what is changing. Identify the specific clause, date, amount, or condition being amended. Avoid general wording that could be interpreted in more than one way.

Step 5 – Clarify what stays the same

The form typically includes language confirming that all other terms remain unchanged. Read this carefully to ensure it matches your understanding of the agreement after the amendment.

Step 6 – Review dates and timelines

Check any revised dates closely. Make sure they align with other deadlines in the agreement. Inconsistent timelines can create practical problems later.

Step 7 – Check for internal consistency

Read the amendment as if you were unfamiliar with the deal. Look for missing details or unclear references. Small omissions can cause delays or disputes.

Step 8 – Signatures

All parties to the original agreement generally sign the amendment. The signatures confirm agreement to the changes. Unsigned amendments usually do not alter the original contract.

Step 9 – Keep copies

After signing, ensure each party has a complete copy of the amendment. The amendment should be kept with the original Agreement of Purchase and Sale as part of the full record.

Legal terms you might encounter in OREA Form 120 – Amendment to Agreement of Purchase and Sale

1. Amendment: An amendment is a written change to an existing agreement. This document, it records exactly what part of the original purchase agreement is being changed. It becomes part of that agreement once everyone signs.
2. Agreement of Purchase and Sale: This is the original contract being modified. The amendment relies on this agreement for context, so dates, names, and property details must match exactly. The amendment does not work on its own without this agreement.
3. Effective Date: The effective date is when the amendment takes effect. In this form, it is usually the date of the last signature unless another date is written. This date matters because it controls when the new terms apply.
4. Parties: The parties are the buyer and seller named in the original agreement. Their names must appear in the amendment exactly as before. Any mismatch can create doubt about who agreed to the change.
5. Consideration: Consideration refers to what each side gives or agrees to in exchange for the amendment. In this form, it is often stated as “for good and valuable consideration,” confirming that the change is mutually agreed. You usually do not need to describe money changing hands unless the amendment itself changes a price or credit.
6. Closing Date: The closing date is the date when ownership is scheduled to transfer. This form is often used to change that date. If you amend it, you need to ensure all related timelines still make sense.
7. Conditions: Conditions are requirements that must be met before the deal becomes firm. This form can extend, shorten, waive, or change conditions. You must be precise about which condition is affected.
8. Schedule: A schedule is an attachment that forms part of the agreement. Amendments sometimes change or replace schedules. If a schedule is affected, the amendment should clearly say which one and how.
9. Counterpart Signatures: Counterparts mean the parties may sign separate copies of the same amendment. This is common when signatures are not collected in one place. The form usually confirms that all signed copies together form one agreement.

FAQs

Do I need a new agreement, or does this document change the existing one?

This document changes the existing agreement rather than replacing it. You must identify the original agreement by date and property so the amendment clearly connects to it. Anything not mentioned in the amendment stays the same as before.

Where do I find the information I need to reference the original agreement?

You look at the first page of your original purchase agreement. Copy the agreement date, buyer and seller names, and property description exactly as written there. This form depends on those details matching perfectly.

What happens if only one side signs the amendment?

If only one side signs, the change is usually not confirmed. The original agreement normally continues without the amendment. Always check that every party listed has signed before relying on the new terms.

Can I use this form to change more than one term at the same time?

Yes, this document can change several terms at once. You must list each change clearly so there is no confusion about what is being amended. Avoid vague wording that blends multiple changes together.

Does this amendment change anything in the public record?

This document usually does not change the public record by itself. It adjusts the private contract between buyer and seller. Public records are typically affected later, when the transaction closes based on the amended terms.

How do I know which date is the effective date of the change?

Check the signature section of the form. Unless another date is written, the effective date is usually the date the last party signs. That is the point when the new terms apply.

Do I need to attach anything to this document?

You only attach something if the amendment refers to it. For example, if you are replacing a schedule or adding a new one, it should be attached and clearly identified. If nothing is referenced, attachments are usually not needed.

Can I handwrite changes on this form?

You can write changes by hand if the form allows space and the writing is clear. Every party must initial or sign to confirm those handwritten changes. If the writing is hard to read, it can cause delays or disputes later.

Checklist: Before, During, and After OREA Form 120 – Amendment to Agreement of Purchase and Sale

Before

• Review the original purchase agreement from start to finish.
• Confirm exactly what needs to change and why.
• Check the correct spelling and formatting of all party names.
• Verify the property address and legal description.
• Confirm which clause, date, or amount is being amended.
• Make sure all parties agree to the change in principle.
• Gather any schedules or attachments that may be affected.

During

• Enter the original agreement date accurately.
• Copy buyer and seller names exactly as shown before.
• Write the amendment details in clear, specific language.
• Double-check any revised dates for consistency.
• Ensure the form states that all other terms remain unchanged.
• Review the effective date or signature date carefully.
• Confirm that there is space for all required signatures.

After

• Confirm that all parties have signed the amendment.
• Check that signatures are dated correctly.
• Distribute complete copies to everyone involved.
• Keep the amendment with the original agreement.
• Update any personal timelines or checklists.
• Confirm that the amended terms are being followed.
• Watch for any next deadlines affected by the change.

Common mistakes to avoid with OREA Form 120 – Amendment to Agreement of Purchase and Sale

• Mistake: Using informal emails or texts instead of a written amendment, which happens when changes feel minor, leads to disputes later, and you must not forget that only signed written changes are reliable.
• Mistake: Writing vague amendment language, often due to rushing, which creates uncertainty about what actually changed, and you must not forget to name the exact clause or date being amended.
• Mistake: Misspelling or shortening party names, which happens when copying from memory, can raise questions about who is bound, and you must not forget to match the original agreement exactly.
• Mistake: Changing one date without checking related deadlines, which happens when focusing on a single issue, can cause missed conditions, and you must not forget to review the full timeline.
• Mistake: Assuming the amendment is effective before all signatures are collected, which happens due to urgency, can leave you relying on terms that are not confirmed, and you must not forget to verify signatures.
• Mistake: Forgetting to attach or reference a revised schedule, which happens when documents are handled separately, can make the amendment incomplete, and you must not forget to clearly identify attachments.
• Mistake: Altering the form after someone has signed, which happens during last-minute edits, can invalidate consent, and you must not forget that changes require agreement from all parties.
• Mistake: Failing to keep copies of the original agreement, which happens after signing the relief, leads to confusion later, and you must not forget to maintain a complete record.

What to do after filling out OREA Form 120 – Amendment to Agreement of Purchase and Sale

Once the amendment is filled out, your focus shifts to confirmation and follow-through. This document only helps you if everyone treats it as part of the agreement and acts on the revised terms. Organization matters from this point forward.

You should start by confirming that the amendment is fully signed and dated. A partially signed document can create false confidence. Take a moment to review it one last time against the original agreement to ensure the changes line up with your expectations.

Then, integrate the amendment into your records. The amendment should live with the original purchase agreement, not in a separate folder where it can be overlooked. Anyone reviewing the deal later should be able to see the full story in one place.

Communication is also important. If there are other people involved in the transaction, such as lenders or service providers, make sure they are working from the updated terms. Misaligned information can cause delays.

Use the amended dates and terms to update your own planning. This might include moving arrangements, financing steps, or inspection follow-ups. Treat the amendment as the new rulebook for what happens next.

• Step 1: Review the completed amendment carefully and confirm all changes are correct.
• Step 2: Check that every party listed has signed and dated the form.
• Step 3: Save a clean digital copy and a paper copy, if used.
• Step 4: Attach the amendment to the original Agreement of Purchase and Sale.
• Step 5: Update your personal calendar with any revised dates or deadlines.
• Step 6: Share copies with anyone who needs to rely on the updated terms.
• Step 7: Confirm that actions tied to the amended terms are underway.
• Step 8: Monitor compliance with the new timelines and conditions.
• Step 9: Keep all versions together for future reference or review.