Contracts
A Virginia buyer and seller sign a contract with a closing date of June 30. On June 28, the seller notifies the buyer that they need to extend closing to July 15. If the contract has a 'time is of the essence' clause, the buyer may:
AAutomatically agree to the extension as a professional courtesy
BTreat the seller's request as a breach and pursue remedies✓ Correct
COnly agree if the extension is under 14 days
DRequire a written addendum signed by VREB
Explanation
With a 'time is of the essence' clause, the June 30 closing date is strictly binding. If the seller cannot close by that date, the buyer may treat it as a breach of contract and pursue remedies including termination and return of earnest money or specific performance.
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