Extension Clause Real Estate
Description
How to fill out Mortgage Extension Agreement With Assumption Of Debt By New Owner Of Real Property Covered By The Mortgage And Increase Of Interest?
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FAQ
The Closing Date agreed to under the Purchase Agreement shall be hereby extended to [MM/DD/YYYY]. 4. EXECUTION. This Addendum may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
An extension agreement is an agreement where the parties decide to change the end date of the original contract. These are used when the original parties to the contract are happy with the terms and conditions of the original agreement. An extension agreement is often easier than negotiating an entirely new contract.
The parties further agree that this contract shall be automatically extended for an additional period up to 90 days from the end date of this Contract in the event that a new contract between the parties concerning the same subject matter is being negotiated but has not been executed prior to the expiration date.
The most common reason buyers need more time is to approve their loans. Verification processes often cause delays in loan approval; underwriters can stay caught up while home inspectors reveal major issues that result in a stalled loan approval. A delay can also occur if the buyer's house doesn't sell on time.
What Is an Extender Clause? An extender clause is a contractual provision in an exclusive real estate listing agreement. This type of clause protects the listing agent by guaranteeing their full commission in the event that the property sells after the listing agreement has already expired.