Offer to purchase

I made an offer to purchase a property. The paragraph for the offer to purchase reads as follows.
"The Seller hereby extends the period referred to in paragraph 16 of the agreement of sale to 31 January 2008. Should the transfer referred to in the aforementioned paragraph not be effected on or before 31 January 2008, either party may immediately resile from this agreement by giving notice to this effect to the other. The Seller may, however, unilaterally in writing extend the aforesaid period for a further 30 (thirty) days."
As I understand this paragraph, it means that I can walk away from this offer without having to pay any monies to the seller if the transfer did not go through on the said date. Is it correct ?
Hoping to hear from you soon.
Thank you,
Teresia Price

Do you have a deposit down--you cannot really answer this for certain based on what you wrote.

Do you have any obligations as a purchaser under the agreement?

Can you walk away before the first extension without paying anything?