An instrument modifying or rescinding a contract should identify the contract with certainty. The parts of the contract to be changed should be clearly expressed, and the change itself clearly set forth. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Arkansas Modification of Contract for the Sale and Purchase of Residential Real Property Extending the Time for Closing the Transaction is a legal document used in real estate transactions within the state of Arkansas. This document allows the involved parties to modify the original contract by extending the time specified for closing the transaction. When a buyer and seller agree to extend the closing date of a residential real estate transaction in Arkansas, they can use this modification contract to make the necessary adjustments to the original agreement. This agreement is crucial to ensure all parties involved are on the same page and avoid potential disputes or misunderstandings. This modification contract typically includes important details such as the names and addresses of the buyer and seller, the property address, original contract date, and the new closing date being established. It also outlines the specific terms and conditions for the extension, including any changes to the purchase price, mortgage terms, or other obligations specified in the original agreement. Different types or variations of the Arkansas Modification of Contract for the Sale and Purchase of Residential Real Property may vary based on the specific circumstances of the transaction. For example, there could be modifications that solely extend the closing date without altering any other terms of the original contract. On the other hand, there could be modifications that not only extend the closing date but also modify other aspects of the contract, such as adjusting the purchase price or changing certain contingencies. Keywords: Arkansas, Modification of Contract, Sale and Purchase, Residential Real Property, Extending the Time for Closing, transaction, real estate, document, legal, buyer, seller, agreement, contract date, closing date, disputes, terms, conditions, purchase price, mortgage terms, obligations, variations, circumstances, contingencies.
