Extension of Time Addendum
Buys more time when a deadline is coming too fast, like a contingency period or the closing date, once both sides agree.
What it is
An extension of time addendum moves one or more dates in the contract. It's used when a deal needs more time, such as a longer inspection or loan contingency, or a later closing date. Everything else in the contract stays the same. It only counts once both the buyer and seller sign it.
When it's used
- The appraisal or loan approval is running late
- An inspection turned up something that needs a specialist to look at it
- The buyer or seller needs more time to move
- Escrow, title or HOA paperwork isn't ready by the original date
What's on it
- The property address and the original contract date
- Which deadline or deadlines are changing
- The new date for each one
- Signatures and dates from the buyer and seller
Tips and common mistakes
- Get it signed before the original deadline passes, not after
- Name each date being changed so nothing is unclear
- Send the signed copy to escrow and the lender right away
- One extension can affect other dates, so check the whole timeline
How your Akoni VA handles it
Your VA watches every deadline in the Command Center, flags dates that are at risk a few days early, drafts the extension for you to review and tracks signatures until it's done.
This page is general information to help agents and clients understand the form. It is not legal or tax advice. Forms and rules vary by state and change over time, so always use your brokerage's current version and check with a qualified professional.