The purchase price shall be paid as follows (this method my be amended as agreed upon by the Lessor and Lessee) : All cash20.

This lease was amended to 6 months on 2/8/2010…and states that it will continue for another 6 months after the first 6 months expired.  

It appears that you will need to file amended tax returns quickly to stop the interest accrual on your back taxes.  

@Frank Sanchez - There is no form... you would need them to sign a lease amendment changing the end date.The seller will more than likely be more accommodating after you have the clear to close, but if you are already under contract it is a somewhat odd request.  

@Nehemiah Ballst, The non-binding version of the tax plan that went from the Senate to the House included an amendment that was a unanimous voice vote to not allow any changes to 1031.The House Ways and Means. committee produced their draft and it left 1031s and the step up in basis alone.

The initial contract isn't void if the end buyer doesn't abide by the assignment, but the assignment would be terminated leaving the original contract still valid if there was still time left on the original contract (which can still always be amended if needed and signed by both parties).Sure, if you assign then walk away from your seller and don't keep up with anyone this can happen. 

3) What should amended renewal letter state so he is out of apartment by 2/28 (or soon thereafter)?

Our first amendment would prohibit this law.

The bill is up for reconsideration (possibly adding some amendments to allow some types of foreclosures to resume) when the Legislature meets again in Feb. 2013.

Even though the property likely has at least one back-up offer on it (not sure though) my thinking is that since we are already under contract, we could write a personal note through our agent proposing the amendments, which would still satisfy several of the attractive parts of the original offer: 5k over asking, fast close, release from property responsibilities.