North Carolina Extension of Loan Closing Date

State:
Multi-State
Control #:
US-01509BG
Format:
Word; 
Rich Text
Instant download

Description

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.

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FAQ

Sometimes, despite your best efforts, you may encounter a situation that prevents you from closing on time. For example, there may be a delay in the title search, the loan approval, the appraisal, or the repairs. In this case, you may need to request an extension of the closing date from the seller.

For example, if the buyer is obtaining financing from a bank, or if the property is being sold as part of an estate, the closing date may be delayed. In some cases, the parties may agree to extend the closing date if they are unable to meet on the original date.

A closing date extension addendum is an agreement between the buyer and seller of a property to extend the closing date of their purchase agreement. Once executed by all parties, the addendum is attached to the original purchase contract to include the new date on which the ownership will be transferred.

Whatever the reason for the delay, if the home doesn't close on time, the purchase contract will usually expire. However, this doesn't always mean the house purchase won't go ahead. The seller can agree to delay the closing date to give the buyer some extra time.

For example, the North Carolina ?standard? residential sales contract (Form 2-T) allows for a delay period that extends for up to fourteen (14) days beyond the agreed settlement date without penalty to the delaying party, provided they are acting in good faith to close the transaction.

Problems with a bank appraisal are a very common reason why a real estate closing can be delayed. The reasons issues that arise from a bank appraisal can delay a closing can vary from a home that under appraises and the buyer and seller cannot come to new terms or because of repairs that are required by the appraiser.

A contract extension is an agreement between the original contracting parties to extend the terms of their existing contract for a further period. The period for which the extension is granted is specified in the extension agreement.

The North Carolina Offer to Purchase and Contract Form 2-T has a built-in 14-day grace period assuming all parties are acting in good faith.

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North Carolina Extension of Loan Closing Date