Indiana Agreement to Extend Closing or Completion Date
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How to fill out Agreement To Extend Closing Or Completion Date?
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FAQ
One action you can take is relatively simple: grant the buyer an extension, no strings attached. Your real estate agent can negotiate a new closing date that generally will add an additional 10 to 30 days to the closing date, giving the buyer more time to tie up their loose ends.
Reasons for an Extension to CloseUnexpected causes such as low appraisals, lender issues, or even a divorce can make an extended closing date necessary. Many times, the delays are due to poor communication between the lender and closing agent or Title Company.
One action you can take is relatively simple: grant the buyer an extension, no strings attached. Your real estate agent can negotiate a new closing date that generally will add an additional 10 to 30 days to the closing date, giving the buyer more time to tie up their loose ends.
Yes, pushing back a closing date is actually quite common, due to certain obstacles that may arise during the inspection, One of the obstacles that may push back a closing is the lender not giving final approval on the mortgage loan in time to close by the first date that was established.
If anyone makes a mistake, your closing might be delayed. 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 delay in closing is not an uncommon situation. With a little cooperation between the buyer and seller, it's easy to work things out and make sure the closing goes forward. Financial issues are often responsible for delaying a closing.
Therefore, we promote strict editorial integrity in each of our posts. A closing date is like a term paper deadline: you need to meet it. But life happens, and sometimes you need an extension. In fact, about 1 in 4 closings experience delays, according to the National Association of Realtors (NAR).
Problems with appraisals are the most common reason why a real estate closing can be delayed. Lenders require an appraisal to confirm that the home's actual value is equal to or greater than the loan amount. Sometimes a buyer's offer is higher than the appraisal value.