Be prepared before you ask for any extension. Be honest with your real estate agent about what hurdles you’re facing so they in turn can explain to the seller why waiting less than a month to close the deal is preferable to starting over with another buyer. Since the contract does not include an automatic extension to allow the lender time to complete his role, your seller has two options. This form contains additional clauses that a seller and buyer may want to add to the Commercial Contract. However we just heard from the seller that they want to push the closing date to the end of month. When buyers are doing everything they can to make a deadline in the contract, or the closing date, but are delayed for conditions beyond their control, they are doing what they agreed to do. The typical action is to extend the closing date, but the sellers might not agree. The parties express their actual intent in setting the closing date. Come to an agreement on the right of the seller to extend the closing, if necessary. Might not be the same in ALL states. If the buyer uncovers issues but still wants to buy the house, the buyer can request the seller address the issues. “Normally the post-closing agreements have an outside date by which the seller must move out or pay a per diem amount for each day the seller does not vacate after the outside date,” she says. The closing date is fast approaching. I've had to incur extra costs with paying to extend my mortgage rate lock and my lease. If a buyer is renting a house, while he’s waiting for his settlement date, a delayed settlement (by vendor) means that he needs to extend his lease, which may not be that easy on a couple of day’s notice, re-arrange the removalist, re-arrange the disconnection and re-connection of the utilities, re-arrange the redirect of mail, take another day off at work, etc. @Amy Nguyen a good agent and or mortgage broker should be able to calm seller down and assure them that closing will be next week.. although if seller thinks they sold way to low and wants out.. then you need to read your contract.. in our market here ( and its different everywhere) if you don't close on the close date contract is voidable.. and you would not have any standing.. If the buyer or seller wants to make the closing date one that must be adhered to, they should clearly state that the closing date is a "time is of the essence" closing date. Here are some of the most common reasons. They should also have to pay your rent for every day before the closing date that you aren't living in that house. Since the buyer can terminate the contract due to the seller’s breach or sue for specific performance, some buyers also negotiate for the payment of some liquidated damages by the seller for not being ready in the first instance. Typically, whenever a property buyer's purchase offer is accepted by the seller, both parties will agree to a sale closing date. Second, the buyer and seller can sign an amendment agreeing to extend the closing date until a new date when the seller will be gone. When a seller cannot deliver a clear title by the closing date, it does not necessarily mean the title is clouded forever. The seller and I have agreed upon a closing date of 07/05 On the evening of 06/24 he asked if we can extend their move out date until 07/15. Sellers relocating. Your realtor calls the realtor for the Seller to canvas the possibility of an extended closing…. They want to extend your closing date by 60 days? Confidentiality and Non-Disclosure Agreement (CNA-1) This form may be used by a listing broker when the listing broker wants the prospect and the prospect’s broker (if there is one) to keep confidential the information provided by the listing broker. Obviously the amendment could be done without the $90 per day, but atleast it gives the buyer and buyer's agent notice that your seller doesn't intend to wait around for them to get their financing on track. Unexpected incorrect paperwork. No, you do not. He could amend the contract to extend the closing date to allow the lender time to process the loan. Then your Realtor says “The buyers want you to extend the contract’s closing date until the 26th.” What?!? Our realtor even called our loan officer, her branch manager, and tried to get a conference call with the other realtor to explain the situation, but the other realtor declined. Unfortunately, our lease is up and we need to move out physically into our new home. With the recent rate shooting up, we will end up paying a lot more if we can not close with the original agreed date. Frequently, it is wise to choose a closing date near the end of the month. i agree, MOST of the time both parties are reasonable because ultimatley the seller wants to sell the home, however, I beleive the original question was does either the BUYER or SELLER HAVE TO agree to extend the closing and the answer is NO, they do not. If a seller wants to stay in the home after closing, the buyer and seller should have a written agreement setting out the expectations for that post-closing possession between the parties. At this point, the seller has the right to do the following: 1) Say not and walk away, citing breach of contract; or 2) Agree to the extension. 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