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Closing dates are outlined in the purchase contract. Most closing dates are open to negotiation, but some are set in stone, so check your contract to see if you can even make a change. A typical purchase contract says 'Closing on or before X date unless a change is mutually agreed upon by both parties,' says Hardy.

If the closing date is missed, then at a minimum, the contract is in jeopardy; the worst-case scenario is the contract has expired. The typical action is to extend the closing date, but the sellers might not agree.

When a buyer cannot close on time, the seller generally asks them to sign an extension-of-time addendum and figures out why they need additional time.

A missed closing date without contingencies may result in a cancellation of the sale as a penalty. One penalty for missing a closing date might be to pay the seller a portion of her mortgage to compensate the seller for staying in the property longer than expected.

An extender clause is a contractual provision in an exclusive real estate listing agreement. This type of clause protects the listing agent by guaranteeing their full commission in the event that the property sells after the listing agreement has already expired.

Depending on your purchase contract and whose fault the delay is, you may have to pay the seller a penalty for every day the closing is late. The seller could also refuse to extend the closing date, and the whole deal could fall through.

A closing date listed in a sales contract is legally binding. In most cases, if the buyer is not ready to close by that date, the seller can cancel the sale. Some alternatives to canceling the contract can benefit both the buyer and the seller. Extension: The seller can offer an extension of time to the buyer.

Updated June 03, 2022. A closing date extension addendum is used when the parties both agree to extend the date at which the buyer may close on the property.

Write down the date the closing extension addendum request date and the date it was agreed upon. Write down the day, month, and year. You will now indicate the period of extension up to the closing date past the original purchase's agreement date. State the correct day, month, and year.

So, if the closing date is missed, the contract is in jeopardy of expiration. If the worst-case scenario occurs and the contract expires, there is no longer a legally binding contract giving the buyer the right to purchase the property. There are varying reasons that can result in the delay of closing escrow.

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Wayne Michigan Agreement to Extend Closing or Completion Date

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Can you adjust closing date?

What happens when closing date is missed?

What is an extension of time addendum?

What happens if seller does not want to extend closing date?

What is an extension clause in real estate?

What happens if you don't close by the closing date?

What happens if you don't close by closing date?

What is an extended closing?

How do you write an extension on a closing date?

What happens if the closing date expires?

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Why would someone need to extend the closing or completion date?

What happens if the closing or completion date is not extended?

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Will the other party automatically agree to the extension request?

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