I would check with an attorney about if the original agreement is binding
forever. Should not be very expensive, but could cost you quite a bit if
you sell to someone else and this person causes trouble....

You should have had an attorney write the original agreement!


"Ed Roberts Jr" wrote in message
A couple of months ago a man approached me wanting to buy my house (in
California), even though we had not yet listed it. We thought his offer
was generous and signed a one-sentence agreement to sell the property
to him at a particular price. The agreement did not specify a date by
which the sale had to be consummated.

Shortly afterward we opened escrow, and the escrow instructions
specified a date about 60 days away: "[Seller and buyer] will execute
and deliver any instruments and/or funds...all of which [escrow company
is] instructed to use on or before [date]". I have provided all the
documents I am supposed to, but the date is approaching and the
appraisal hasn't been done.

The escrow officer tells me that if I refuse to extend the sale is
cancelled. Apparently the buyer thinks so too, or he wouldn't seek an
extension, but when I told him that I would sign an extension only if
we increased the sale price, he told me that we had a deal, referring
to the original agreement with no closing date.

Is it ethical to ask for more in exchange for extending the escrow
agreement? Does our earlier agreement with no closing date bind me
forever?

I'm not worried about the buyer walking away if I ask too much, because
potential buyers have continued to approach me, even though the house
is not on the market, offering much higher amounts. I turned them down
only because I had already agreed to sell the house to this buyer.

Thanks,
Ed