In a situation where the buyer requests a longer period to exercise the Option to Purchase (OTP) for private property, and the seller agrees to extend, there are a few things to consider:
1. **Seller Confidence**: The fact that the seller has collected 2-3% of the option fee indicates that the buyer has a genuine interest. Typically, buyers do not put down such amounts unless they are serious about proceeding. However, this fee is typically non-refundable if the buyer does not exercise the OTP.
2. **Agent's Role**: If the agent allows the house ad to lapse after 32 days, it may suggest that they are confident in the deal progressing. Extending the exercise period could be a sign that the buyer needs more time for due diligence (e.g., securing financing, finalizing legal matters, etc.) but is otherwise likely to complete the purchase. Agents will usually communicate closely with both buyer and seller and would have a good sense of where the deal stands.
3. **Risk of Delay**: It’s important to consider the buyer’s reasons for requesting an extension. If it's something common like securing a loan or completing administrative procedures, it's typically not a red flag. However, if the reasons are unclear or seem to indicate uncertainty on the buyer’s side, there could be a small risk that the buyer is still deliberating.
4. **Ad Lapse**: The lapse of the house ad after 32 days might imply that the seller (and agent) are pausing further marketing efforts because they trust that the current buyer will proceed. It could also be due to the agent wanting to avoid confusion or overexposure if the deal is nearly finalized.
### Conclusion
It seems like the deal is progressing well, but there is always some uncertainty until the OTP is exercised. The extension likely suggests the buyer is serious but needs more time, and the agent may feel confident enough to let the ad lapse. However, until the OTP is formally exercised, there remains a slim chance that the buyer might not proceed. It would be good for the seller and agent to stay in close communication with the buyer to ensure everything is on track.
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