Business Contracts
Purchase Agreement
Washington
Are purchase agreement renewals common?
I am in the process of purchasing a business and have been presented with a purchase agreement by the seller. The agreement includes a clause that seems to imply that the agreement can be renewed. I am curious to know if this is a common practice, and if so, what are the implications for me as the buyer?
1 Attorney answer
Answer
Business Contracts
Washington
Merry A.
ContractsCounsel verified
I'm not 100% sure what you are asking, but in negotiatons of purchases of businesses, business real estate, and personal real estate, it's not unusual to sign amendments extending the date by which an agreement must be made, or by which closing will occur. There can be many, many reasons for this, but generally, at least in my experience, both parties must agree in writing to any extensions of any sort of dates or deadlines. Here are two very common reasons a purchase and sale agreement may need to be extended: (1) Obtaining financing or (2) Obtaining an inspection I hope that helps! Best wishes, Merry
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