This form is a sample of an agreement to extend the time of a loan commitment in order to consummate a purchase of real property which will be security for the loan. In effect the loan applicant is asking for an extension of the date of closing set forth in the loan commitment or application.
Colorado Extension of Loan Closing Date refers to the process of extending the deadline for finalizing a loan closing in the state of Colorado. This extension allows the involved parties, such as borrowers, lenders, and real estate agents, to have additional time to complete the necessary steps and paperwork required for a successful loan closing. In Colorado, there are different types of extensions of loan closing dates that can be granted based on the specific circumstances. Here are some common types: 1. Mutual Agreement Extension: This is when all parties involved in the loan closing, including the borrower and lender, mutually agree to extend the closing date. This type of extension is typically requested when unexpected delays occur, such as unresolved issues with property inspections or appraisal reports. 2. Lender-Granted Extension: Sometimes, lenders may provide an extension of the loan closing date at their discretion. This could happen if there are circumstances beyond the borrower's control, such as a delay in obtaining necessary documents or unexpected issues with the title search. Lenders may consider granting an extension if the borrower has a valid reason and a good track record with the institution. 3. Force Mature Extension: A force majeure extension is applicable when there are unforeseen circumstances beyond anyone's control, such as natural disasters, civil unrest, or pandemics. These events may hinder the timely completion of the loan closing process, and thus an extension can be requested to accommodate the situation. 4. Court-Ordered Extension: In certain cases, a court may order an extension of the loan closing date due to ongoing legal proceedings or disputes related to the transaction. This type of extension is typically sought to allow sufficient time for resolving any legal issues or obtaining necessary approvals from the court. When requesting an extension of the loan closing date in Colorado, it is crucial to communicate promptly and transparently with all parties involved. Proper documentation, detailing the reason for the extension request, should be provided alongside the request submission. Open and clear communication between borrowers, lenders, and real estate professionals is the key to obtaining a successful extension and ensuring a smooth loan closing process in Colorado.
