[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Denial of Request for Time Extension — Purchase of Home Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to address your recent request for a time extension regarding the purchase of the home located at [property address]. Considering the circumstances and after careful consideration, I regret to inform you that your request for a time extension has been denied. We understand that there may be various reasons for needing more time to complete the purchase process. However, in this particular case, we are unable to grant an extension for the following reasons: 1. Binding Contract: As per the terms and conditions of the binding purchase agreement signed by both parties, the closing date was clearly specified. Both parties agreed to complete the transaction by the specified date, leaving no room for extension. 2. Pending Offers: We have received multiple offers on the property following your initial interest. These offers are equally substantial, and the sellers have expressed their desire to proceed with one of them promptly. Therefore, it is essential for all parties involved to respect the agreed-upon timeline to maintain transparency and fairness. 3. Financial Constraints: Delaying the completion of the purchase may result in additional costs for both parties involved, including mortgage rate fluctuations, potential interest rate changes, and possible loss of opportunities for the sellers. We acknowledge the efforts you have made thus far and understand that unforeseen circumstances may have caused unavoidable delays. However, we must prioritize the interests of all parties involved and adhere to the agreed timelines. Should you still wish to proceed with the purchase of the property, we kindly request that you make every effort to meet the original closing date. Failing to do so may result in the forfeiture of your earnest money deposit and potential legal ramifications as dictated by the binding agreement. We appreciate your understanding in this matter. If you have any further questions or concerns, please do not hesitate to contact me directly at [phone number] or [email address]. Thank you for your time and consideration. Sincerely, [Your Name]
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.