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.
The District of Columbia Modification of Contract for the Sale and Purchase of Residential Real Property Extending the Time for Closing the Transaction is a legal document that allows parties involved in a real estate transaction to modify the contract terms regarding the closing date. This modification is necessary when both parties agree to extend the time for completing the sale and purchase of a residential property in the District of Columbia. Keywords: District of Columbia, Modification of Contract, Sale and Purchase, Residential Real Property, Extending, Time, Closing, Transaction. Types of District of Columbia Modification of Contract for the Sale and Purchase of Residential Real Property Extending the Time for Closing the Transaction: 1. Fixed-Term Extension Agreement: This type of modification is used when both the buyer and seller agree to extend the closing date for a fixed period. The agreement clearly states the new closing date and any additional terms or conditions agreed upon. 2. Rolling Extension Agreement: In some cases, the parties may not have a specific new closing date in mind but need more time. A rolling extension agreement allows for the extension of the closing date on a rolling basis until a mutually agreed-upon date is reached. 3. Contingency Extension Agreement: If there are specific contingencies that need to be met before the closing can take place, a contingency extension agreement may be necessary. This type of modification allows for an extension until the specified contingencies are fulfilled. 4. Financing Extension Agreement: If the buyer needs more time to secure financing for the property, a financing extension agreement can be used to extend the closing date until the buyer can meet the necessary financing requirements. Each type of modification agreement will outline the terms, conditions, and any additional provisions agreed upon by the parties involved. It is crucial to consult with a real estate attorney or professional to ensure the proper documentation and legal compliance in the District of Columbia.
