Whats going on Adriel,If your contract is assignable then you simply just need to have an assignment agreement with a new buyer.You do not have to have a seller sign off on this since the assignment language is already included in the original contract - the seller would just see a new buyers name on the closing documents.

If they don’t extend, your exact contract language dictates what happens with your EM. 

I working on building my knowledge base and speaking the language of investors.  

@Raji Kaur most of the standard leases we use in Chicago have language about abandonment that would protect you.

to me, this language makes it sound like that's their only out to unilaterally terminate. the first portion of that paragraph talks about either agreeing to a repair deduction or termination, which appears to be a mutual decision, not a unilateral one. i would be getting an actual legal advice on this one vs relying on an internet forum.

Can you share the zoning code language?  

They are selling because don't want to continue self-managing it and their kids are growing up so they don't use it as often.I've been thinking making a couple offers, with one including "2 weeks free rental per year for the next 5 years" or something like, thinking that it might be meaningful to them to be able to continue to enjoy the place without the hassles of owning it.If we did that then we of course have to account for what happens if we sell the place or are living in it, in which case we would just "refund" them the weeks' rent.Forgetting about making the pricing rationale and whether they would or wouldn't want it, has anyone figured out the legalities or contract language for doing something like this?

In any case, I think it's likely simplest to request that the seller provide the disclosure statement within 3 or 4 days of mutual acceptance.That way you don't have to get into any language discussing the inspection time frame, which makes it more complicated and also makes it harder for you to schedule an inspection.

There’s nuances to it and you may want to lookup some of the real estate law language provided by some board of realtors.It sounds like your only real option is to terminate.

States don't provide leases but many states do require specific language and fonts be used for certain provisions.