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.
Michigan Extension of Loan Closing Date refers to the process of extending the deadline for completing the paperwork and finalizing a loan agreement in the state of Michigan. This extension is typically requested by the borrower or lender to allow for additional time to fulfill certain requirements or resolve any issues that may have arisen during the loan closing process. In Michigan, there are several types of extensions of loan closing dates available, each serving a specific purpose. These types include: 1. Mutual Agreement Extension: This is the most common type of loan closing date extension, where both the borrower and the lender agree to extend the closing date. It allows for more time to complete any pending tasks, such as providing necessary documentation or conducting property inspections. 2. Force Mature Extension: In cases where an unforeseen event occurs that is beyond the control of either party (such as a natural disaster or governmental action), a force majeure extension may be granted. This grants additional time to meet loan closing requirements that were disrupted due to the force majeure event. 3. Appraisal Extension: Sometimes, lenders may require additional time to complete a property appraisal before finalizing the loan agreement. An appraisal extension allows for the completion of this process, ensuring that the property's value is accurately determined before closing. 4. Title Issue Extension: When issues related to the title of the property arise during the loan closing process, a title issue extension can be requested. This extension provides additional time to resolve any title-related problems, such as unresolved liens or ownership disputes. It is important to note that the extension of loan closing date in Michigan should be formally documented through an amendment to the original loan agreement. Both parties involved must sign this amendment to confirm their agreement to the extended deadline and any associated terms and conditions. In conclusion, the Michigan extension of loan closing date allows for flexibility in finalizing loan agreements by granting additional time to complete necessary tasks, resolve any issues, or overcome unexpected events. The various types of extensions available cater to specific circumstances, ensuring a smooth and successful loan closing process for both borrowers and lenders.
