This form is a sample of a request for an extension of time in order to consummate a purchase of real property which will be security for a loan. In effect the loan applicants are asking for an extension of the date of closing set forth in their loan commitment or application.
North Carolina Request for Extension of Loan Closing Date
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How to fill out Request For Extension Of Loan Closing Date?
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Accepting the Breach and Terminating the Agreement: If the purchaser is unable to close, and the seller is unwilling to grant an extension, the seller might elect to accept the breach and terminate the Agreement and claim the deposit as damages.
Negotiate a Per Diem Penalty In addition to compensating the seller for the extra mortgage, tax, and insurance payments the seller still has to make due to the delayed closing, a per diem penalty is charged to the buyer as compensation for the inconvenience of delaying the delayed closing.
Negotiate a per diem penalty In the event that the buyer requests an extension, the seller can agree under the conditions of the buyer paying a per diem penalty until they close on the sale. A per diem penalty is a fee that the buyer pays to cover the inconvenience of pushing the closing date back.
There are various reasons why a buyer or seller might request an extension. One of the most popular extensions is a closing extension, but requesting to extend the inspection period or mortgage contingency period are also pretty common.
Extended Closing Date means the date that is ten (10) Business Days following the Scheduled Closing Date.
There are a number of reasons why a seller might cause delays at closing. In some cases, a seller tries to renegotiate the purchase price or terms of the sale. In other cases, a seller may have difficulty with financing or may have second thoughts about selling the property.
In most cases, if the home does not close on time, the purchase contract expires if the seller does not agree to delay closing to give the buyer some extra time. However, this only sometimes means the house purchase will not go ahead.