Massachusetts Agreement to Extend Closing or Completion Date
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FAQ
An addendum for extending the closing date is a legal document that modifies the original contract. The Massachusetts Agreement to Extend Closing or Completion Date serves this purpose by specifying new terms and conditions related to the closing date. This addendum helps all involved parties understand their obligations moving forward. Using a standardized form can simplify the process and reduce misunderstandings.
If you cannot close by the agreed closing date, you risk losing your deposit or delaying the transaction. In some cases, the seller may choose to terminate the agreement. To avoid these complications, it is wise to utilize a Massachusetts Agreement to Extend Closing or Completion Date, which allows for an extension that benefits everyone.
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.
If the closing date is missed, at a minimum, the purchase contract will expire. If the purchase contract expires, the parties are no longer engaged in an active contract with each other. The typical action is to extend the closing date, but the sellers might not agree.
If the buyer uncovers issues but still wants to buy the house, the buyer can request the seller address the issues. If the seller agrees, both parties may agree to extend the closing date to provide the needed time for the seller to correct the issues.
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.
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.
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).