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They are likely to encounter situations in which one or both parties would like to change an agreement. However, the two parties have yet to agree for an amendment to enter into force. If you wish to modify an agreement, it is recommended to use the standard OREA 120 form. For example, an inspection may reveal problems with the quality of well water in a cabin. The buyer still wants the holiday home, but now has to spend more money to improve the water quality, so he proposes to change the SPG at a lower purchase price. “If my buyers want to revisit something really small, I try to coach them to ask myself if it`s the right thing to do. I hate that they go back to the seller to renegotiate an agreed offer on a small problem. On the other hand, I also coach my salespeople, that they have the right to refuse this change. Amendments are sometimes misused when negotiations don`t conclude to the satisfaction of everyone at the offer table, said Doug Monett, a realtor huntsville®. “I think that when an agreement is concluded correctly, a change is normally not necessary. However, a change is sometimes necessary when an agreement has been skidded. It is the document of choice that saves a lot of offers at the eleventh hour. A change is not always a simple solution. Customers should be advised that they should be careful in the event of a change.
In some cases, this measure may be considered a “reopening of the business”, especially if it is not accompanied by well-worded irrevocable provisions, and the other party may then be able to treat the original GSP as completed.