It’s the last day of my buyer’s option period. The buyer and seller are still negotiating repairs and want to extend the option period. How do we do that?Use TREC’s Amendment to the contract (TXR 1903, TREC 39-11), and complete Paragraph 7 with a new expiration date and option extension fee. Leaving the fee blank or putting zero dollars may lead to an unenforceable amendment.
The amendment must be signed by both parties before the original option period expires. In addition, Paragraph 7 states that the buyer has paid the seller the option extension fee. Because the provision is drafted as an acknowledgement of payment, the extension fee should be paid directly to the seller at or before the time the amendment is signed.