Extending Purchase Contracts? (Do you even need to?)

3 Replies

Hey!

Im looking for a little more insight on how title companies are “judging” the dates on Purchase & Sales Agreements.

Ex: The title company is doing the title search, or even anytime in the process during closing, and the contract reaches its date that states the latest date that we would close by.

Has anyone ever had an issue with something like this? Or if your PSA and Assignment are delivered and you have a cooperative seller, are you usually just fine?

Let me know!

If you need more time you can make an addendum to the contract with the seller to extend the date. Sometimes the seller will want more earnest money for an extension. 

I would not ask them if they want more money for the extension though. Just ask for the extension. If they get mad about it then you can offer more more money, otherwise, don’t tell them your willing to pay more.

@Tim Compton

Here in Massachusetts, we use attorneys and if needed, the attorneys will extend a deadline by way of an email to one another. It happens regularly when the seller is cooperative.

If dates are changing from an executed contract always ask for an extension or get an addendum. If it’s a major date or you have $ at risk do the formal addendum. If you need to push a less critical date 1-2 days and you still have contingencies in place normally an email will suffice, assuming all party’s are cooperative.