Whether or not the contract expires is based upon the conditions included in the document. In the free template provided, Section 28 “Offer Expiration” allows the buyer to specify a date upon which the contract will automatically be revoked. However, it is not a required section and some purchase agreements may not contain it. In the event the contract does not contain this provision, it would expire automatically at the closing date. If an issue occurs and it’s been months since the contract’s signing, both parties can agree to terminate the agreement.