REALTORS sometimes ask if they can “bring a terminated contract back to life.” For example, if a buyer paid her option fee and provided notice of termination in accordance with Paragraph 23, can she change her mind and continue with the transaction? The answer is no. If the parties want to move forward, they will need to enter into a new agreement.
The same is true if a contract automatically terminates, such as a contract with the Addendum for Sale of Other Property By Buyer attached. Once the date passes and the contingency is not fulfilled, the contract automatically terminates. If the parties want to move forward, they need to execute a new agreement.