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.
Chicago Illinois Extension of Loan Closing Date
Category:
State:
Multi-State
City:
Chicago
Control #:
US-01509BG
Format:
Word;
Rich Text
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How to fill out Extension Of Loan Closing Date?
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FAQ
On the day of closing, ownership of the property officially transfers to the buyer once all legal documents are executed and funds are collected. After the closing is completed, the buyer should receive the keys and have legal access to the property. It’s important to ensure that the closing process is completed accurately to avoid potential disputes regarding ownership.
Closing day does not automatically mean moving day. On the closing date, the final paperwork is signed, and funds are transferred, but there may be a delay before you obtain the keys and can officially move in. It’s common to have a few days between closing and the actual move-in date. Always clarify with your real estate agent about when you can take possession of the property.
To extend the closing date in Chicago, Illinois, both the buyer and seller must agree on the new date. This often involves submitting a written request to the lender and possibly the title company. Additionally, you may need to show valid reasons for the extension, which can range from financing issues to inspection delays. This process ensures that all parties are informed and aligned on the change in the timeline.
To secure a fast closing date, consider providing all requested documents to your lender promptly and being available to answer any questions. Efficient communication with your real estate agent and willingness to accommodate the seller's schedule can also help. The USLegalForms platform can assist with the necessary paperwork to facilitate a smooth and quick process.
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