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.
Wisconsin 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 the state of Wisconsin when parties involved in a real estate transaction need to extend the closing date. This modification allows for additional time to complete the necessary requirements and conditions set forth in the original purchase contract. In Wisconsin, there are different types of modifications that can be made to the contract for the sale and purchase of residential real property in order to extend the time for closing the transaction. Some common variations include: 1. Time Extension Addendum: This modification extends the closing date specified in the original contract. Both the buyer and seller agree to postpone the closing deadline to a later date to accommodate any unforeseen circumstances or delays. 2. Contingency Extension: If certain contingencies outlined in the original contract have not been met by the agreed-upon closing date, this modification allows for more time to fulfill those conditions. Common contingencies may include financing approval, inspection reports, or title searches. 3. Mutual Agreement Extension: In situations where both the buyer and seller mutually agree to extend the closing date, this type of modification is utilized. It can be done to give either party more time to resolve any outstanding issues or to align the transaction with their personal circumstances. 4. Force Mature Extension: This modification comes into play when an unforeseen event, such as a natural disaster or a government-mandated shutdown, prevents the closing from taking place on the originally scheduled date. It allows for an extension until the force majeure condition ceases. The Wisconsin Modification of Contract for the Sale and Purchase of Residential Real Property Extending the Time for Closing the Transaction typically includes key details such as the names and contact information of the parties involved, the original contract's effective date, the agreed-upon new closing date, and any updated terms or conditions agreed upon by both parties. It is essential to consult a real estate attorney or a licensed real estate professional when considering any modifications to a contract for the sale and purchase of residential real property in Wisconsin, as these documents need to comply with state-specific laws and regulations.
