If you decide to agree to the seller's request for an extra month, it's crucial to protect your interests by documenting the agreement properly. While there might not be a standard legal template for such situations, you can draft a legally binding agreement outlining the terms of the extension. Here are some key elements to include:
Extension Period: Clearly specify the new completion date agreed upon by both parties.
Reason for the Delay: Document the reasons provided by the seller for requesting the extension. This could include unforeseen circumstances or issues with the property that need to be resolved before completion.
Compensation: Consider including provisions for compensation to mitigate any additional costs or inconvenience you might incur due to the delay. This could include reimbursement for rent, storage fees, or other expenses directly related to the extension.
Penalties for Further Delays: Define consequences if the seller fails to meet the extended completion date. This could involve penalties or the right to terminate the agreement and seek damages.
Legal Advice: It's advisable to seek legal advice before finalizing any agreement to ensure that your rights are adequately protected.
By documenting the agreement in writing and addressing potential risks upfront, you can mitigate the impact of the delay and safeguard your interests in the home buying process.
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