Seller’s Right to Extend Closing Date

When the Seller is involved in an Estate Sale, sometimes they require some additional time to arrange Court approval. Consider this clause

The Buyer and Seller agree that the Seller, upon giving a minimum of _____days written notice to the Buyer (excluding, Saturday, Sunday or Statutory Holidays), may unilaterally extend the date set for completion, one or more times, not to exceed _____ days in total, to be calculated from the date of acceptance of this Agreement, for the purpose of obtaining a Certificate of Appointment of Estate Trustee.

  • This clause protects the Seller.
  • suggest 10 days and 180 days.
  • If prices escalate, the seller may wish to slow down the application and wind up the deal, then re-list later.
  • To avoid this, the Buyer should have his own clause.
  • Again, 10 days and 180 days.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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