FACTS: The buyer and seller entered into an Arizona REALTORS® Residential Resale Real Estate Purchase Contract (“Contract”), incorporating a Buyer Contingency Addendum that provided that the Contract was contingent upon the buyer accepting an offer for buyer’s property by a specified date.  The specified date has arrived, and the buyer has not accepted an offer.  The buyer does not want to waive the contingency or cancel.  The parties have agreed to extend the buyer’s contingency date. 

ISSUE: Must the buyer and seller enter into a new Buyer Contingency Addendum?

ANSWER: See Discussion. 

DISCUSSION:

Although a new Buyer Contingency Addendum could be executed, the buyer contingency could also be extended by an Addendum addressing the date by which the buyer must accept an offer (line 21) and contingency closing date (line 34).  Note: If the Contract Time Periods (Buyer Contingency Addendum lines 61-67) began on the date that the Contract was signed, this issue should also be addressed in any addendum extending the buyer’s contingency.