Difficulty: Hard

Average Score: 44%

If a seller wants to change the closing date specified in the signed Contract to Buy and Sell Real Estate, what should she do?

Rationale

Complete an Agreement to Amend/Extend Contract with the new date.

To officially change the closing date in a signed Contract to Buy and Sell Real Estate, the seller must complete an Agreement to Amend/Extend Contract, which formally documents the new closing date and ensures both parties are in agreement.

A (Contact the buyer and obtain the buyers verbal agreement) YOUR ANSWER

While obtaining a verbal agreement may seem like a straightforward approach, it is not legally binding and lacks the necessary documentation required to amend a signed contract. Changes to contractual terms should always be documented in writing to avoid potential disputes.

B (Complete an Agreement to Amend/Extend Contract with the new date) CORRECT

This is the correct procedure, as it provides a formal, written amendment to the original contract. This Agreement to Amend/Extend ensures that both parties acknowledge and agree to the new closing date, maintaining clarity and legal validity in the transaction.

C (Complete a Counterproposal form with the new closing date) YOUR ANSWER

A Counterproposal form is used to propose new terms or conditions that deviate from the original contract. However, it is not the correct method for simply changing a date within the signed contract, which should be done through an Amendment rather than a counterproposal.

D (Complete an Agreement to Amend/Extend Contract with broker that specifies the new date) YOUR ANSWER

While involving a broker in the amendment process is beneficial, the agreement must be directly between the buyer and seller, not solely with the broker. The broker can assist with the process, but the formal amendment requires the buyer's and seller's signatures to be valid.

Conclusion

To alter the closing date in a real estate contract, it is essential to follow proper procedures to ensure legal compliance and mutual agreement. The correct action is to complete an Agreement to Amend/Extend Contract with the new date, which secures the change in writing and protects both parties involved. Other options either lack binding authority or do not adequately fulfill the requirements for amending the contract.

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