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Hi,

1) It is best to closely coordinate with the sellers' agent for such a situation.
2) This kind of long time frame is not abnormal when sellers are applying ECF.
3) You had negotiated and agreed upon the essential terms in this OTP before you exercised.
4) You and sellers are now in a legally binding contract once you exercised the OTP.
5) The longest period I've come across on the time frame is 90 days, thus 60 days is not unusual.
6) The sellers' agent will need to seek your approval for any additional extension of time other than the 60 days inked in the OTP.
7) You have the right to reject if this is causing unnecessary inconvenience and monetary losses to you. Sellers have to go ahead to submit the resale application once this deadline is met.
8) To change this time frame, both sellers and buyers had to counter-sign on any changes in this OTP.
9) Both resale applications have to submit together for sellers.
10) You have to remind the agent what is your plan and your stand over this extension so that sellers will do their best to ensure this transaction will move on smoothly according to as per agreed.
11) Any breaching of this OTP will rises legal consequences.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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