What are some typical Extension Terms?

When an extension is requested, if the other party consents to the extension, they typically consent upon certain terms. 

The following are common extension terms that are often sought by sellers who receive an extension request:

1. Adjustments to remain as at the original closing date. This would mean that the buyer pays for all property taxes and condo fees from the original closing date in spite of the parties extending the closing date.
2. Buyer to pay seller’s legal fees. The legal fees will usually range between $300 to $700 + HST.
3. Buyer to pay the interest paid on the seller’s mortgage from the date of the original closing until the date of the extended closing on a per diem basis.
4. Buyer to pay an additional deposit to the seller’s lawyer in trust.
5. Buyer to direct the listing brokerage to release the initial deposit held by them in trust to the Seller should the transaction not close on the extended closing date.
6. Buyer to pay an extension fee to the seller.