The closing date extension addendum aims to modify the closing deadline on a previously executed purchase agreement. Extenuating circumstances sometimes occur that could delay the process. To mitigate a potential breach of contract, the parties can elect to adjust the terms for the closing date instead.
The closing date extension addendum aims to modify the closing deadline on a previously executed purchase agreement. Extenuating circumstances sometimes occur that could delay the process. To mitigate a potential breach of contract, the parties can elect to adjust the terms for the closing date instead.
When proposing an extension, it is for the buyer to initiate an offer to extend, allowing the seller to accept or refuse. There may be a number of reasons, depending on each situation, why a seller may want to accept or decline the offer. Extending the contract with the provided addendum allows both the buyer and seller to salvage the agreement should they both wish to resolve the delay and move forward.
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