*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS^® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.

Q: “I know that in the new Virginia REALTORS® Residential Purchase Contract that there is now a “time is of the essence” term. Does this mean that parties cannot agree to amend the contract to extend a date or deadline?” 

A: Parties are absolutely able to amend a date in the new Residential Purchase Contract. If parties to the new purchase contract agree to extend a deadline—for example extending the settlement date from July 1 to July 15—the time is of the essence term still applies but for the new date of July 15. As always, any amendment requires agreement and ratification from all parties. In fact, it is best practice to formally amend, in writing, dates and deadlines as needed if all parties agree.  

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