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You dont have any obligation to explain why you do not want to extend your contract. If they offer you an extension simply refuse, politely.
What happens if you dont close by closing date?
If the lender doesnt approve your loan by the closing date, then the purchase contract may expire. The seller might agree to push back the closing date to allow you more time to get your loan, but they dont have to. If your loan is not approved, the sale will fall through completely.
What is the difference between contract extension and contract renewal?
Generally speaking, however, renewing a contract means continuing the business relationship with a new agreement that replaces the prior agreement. A contract extension, by contrast, typically refers to an add-on agreement that extends the terms of the existing contract for a finite, additional period.
How do you add an extension to a contract?
A contract extension agreement must contain: Names, addresses, and signatures of the contracting parties. Name, start date, and end date of the original contract. End date of the extension period. Changes to the contract including addition, removal, and deletion of the terms agreed upon in the original contract.
What happens if you dont want to close on a house?
Can I Back Out of Buying a House? Most housing contracts outline the reasons a buyer or seller can end the deal without paying a penalty. If you break your part of a contract because you simply decide you dont want to buy the house, you may end up losing your deposit or earnest money.
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Why does my closing date keep getting pushed back?
One of the most common reasons why a real estate closing is delayed is because of unrealistic contract dates that were agreed upon in the purchase offer. An experienced real estate agent knows how to appropriately structure the dates in a purchase offer.
What happens if buyer does not complete on time?
The standard conditions provide that if the buyer fails to complete after a notice to complete has been served, the seller may rescind the contract, and, if the seller does so, it may forfeit and keep the deposit and accrued interest.
Is addendum the same as Amendment?
Consider amendments as changes to the original agreement (for example, extending a previously agreed-upon deadline). An addendum to a contract is a document attached to the original contract that outlines the additions that will be included in the contract. The initial contract is not altered or replaced by addendums.
Can you extend a contract before it expires?
If your contract did have a clause that allowed for an extension, this option to extend must be exercised before the initial term comes to an end. You will need to get an agreement about this extension in writing.
What is an extension of a contract?
What Is A Contract Extension? Contract extension typically means an existing contract is continued for a period of time. Often, this will occur via the extension options in the contract. At the time a contract is extended, other terms might also be varied (such as pricing).
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