Definition
Agreement extending inspection or contingency deadlines—usually when buyer needs more time for thorough assessment. Both parties must agree. Extensions beyond standard periods signal buyer hesitation and risk losing other offers.
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Extensions allow additional inspection, appraisal, or contingency time. Both parties must agree in writing. Extensions beyond standard periods are rare. May indicate buyer hesitation. Sellers risk losing other offers. Extensions should be limited. Clear extension terms prevent disputes. Professional negotiation handles extensions. Excessive extensions reduce deal certainty. Buyers use extensions strategically. Sellers should resist unreasonable extensions.
Pro Tip
Limit contingency extensions to 7 days. Longer extensions indicate problems.
Example
Inspection period extension of 7 days allowed complex property assessment.