Real Estate Law
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Do I understand you correctly that they are releasing all other contingencies, but are asking for more time to get their loan approved?
Have they asked for any prior extensions?
How long of an extension are they asking for?
And I am assuming that the deadline for meeting all contingencies was 8/12?
Since the buyer doesn't have a written verification from the lender at this time, doesn't this mean he did not fulfill the contract, even though he removed the loan contingency? Why would he remove the loan contingency and then ask for an extension?
If written verification of loan approval was required, which is normal, then yes, he would have failed to meet the contingency.
I can only guess that if he has agreed to drop the loan contingency, then he must have thought that he either had financing arranged or had some type of private financing set up so it wasn't necessary. Then he must have realized that his plans fell through and asked for the extension.
But either way you are under no legal obligation to agree to the extension and can demand immediate performance or you will declare him in breach of contract and terminate.