What action is needed when extending the option period?

When extending the option period in a real estate transaction, it is essential to document the extension in writing with the seller's agreement. This is crucial because a contract modification must be made formally to ensure that it is enforceable and legally binding. Verbal agreements are often not sufficient, as they can lead to misunderstandings or disputes about the terms of the extension.

By requiring a written agreement, all parties involved have a clear and unambiguous record of the new terms, including the length of the extended option period. This helps in avoiding any potential future legal issues and ensures that both the buyer and seller understand their rights and obligations during the option period.

In this context, notifying the title company or informing the lender, while important in certain situations, does not replace the need for a written agreement with the seller. Making a phone call to confirm with the buyer may provide an informal acknowledgment, but it does not hold the same legal weight as a written document that outlines the agreement clearly.