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.
Oregon 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 in Oregon when the parties involved, namely the buyer and the seller, agree to extend the closing date for the purchase of a residential property. The purpose of this modification is to provide a formal agreement that allows both parties to agree upon and document the new closing date without the need for renegotiating the entire contract. It helps avoid any potential disputes or misunderstandings that may arise due to the delay in completing the transaction. The Oregon Modification of Contract for the Sale and Purchase of Residential Real Property Extending the Time for Closing the Transaction typically includes important details such as: 1. Identification of Parties: The modification identifies the buyer and seller involved in the transaction, along with their contact information. 2. Original Contract Information: The modification includes relevant details about the original contract, such as the date it was signed and the property's address. 3. Extended Closing Date: The new closing date agreed upon by both parties is clearly stated in the modification. This extended date provides additional time for completing any necessary tasks or resolving issues that may arise before closing the transaction. 4. Time Extension Conditions: The modification may outline any specific conditions associated with the extended closing date. For instance, it could state that the buyer agrees to provide updated financial documents if required. 5. Signatures: All parties involved in the contract, including the buyer, seller, and any real estate agents or attorneys, must sign the modification to make it legally binding. Different types of Oregon Modification of Contract for the Sale and Purchase of Residential Real Property Extending the Time for Closing the Transaction may include specific provisions related to: a. Financing: If the extension is needed due to financing reasons, the modification might include details related to securing the necessary funds or obtaining a loan approval. b. Inspections and Repairs: In cases where additional time is required to complete inspections or repairs, the modification could outline the revised timeline and any additional conditions related to these tasks. c. Contingencies: If there are others pending contingencies that need to be addressed before closing, such as clear title verification or the resolution of legal matters, the modification may provide clarity on the revised timeline for addressing these contingencies. Overall, the Oregon Modification of Contract for the Sale and Purchase of Residential Real Property Extending the Time for Closing the Transaction is a crucial document that ensures both parties are in agreement regarding the extended closing date. It provides clarity, avoids disputes, and allows the transaction to proceed smoothly while protecting the interests of all involved parties in the residential real estate transaction in Oregon.
