Can I refuse to extend an exclusivity period if the buyer asks for more time?

Generally, yes. Once the exclusivity period you agreed to in the LOI reaches its stated end, you're typically free to decline a request to extend it, and to resume talking to other buyers if you choose, unless the LOI itself gave the buyer a unilateral right to extend or built in an automatic renewal. Agreeing to an exclusivity period doesn't usually mean agreeing to keep renewing it every time the original window runs out without a deal.

The practical pressure is different from the legal position, though. A buyer deep into due diligence, close to finishing, may make a reasonable-sounding case for a short extension, and refusing could risk losing a genuinely serious buyer over timing rather than substance. Weighing that against the value of keeping your options open is a business judgment, not something the law resolves for you.

If you do agree to an extension, treat it the same way as the original period — put it in writing, with its own clear end date, rather than letting it continue informally. A Treadstone business lawyer can help you evaluate whether extending makes sense in your specific situation and draft it properly if you do.