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 Dakota Request for Extension of Loan Closing Date A North Dakota Request for Extension of Loan Closing Date is a formal document submitted by a borrower to a lending institution or financial organization to request an extension of the predetermined loan closing date. This request is typically made to allow additional time for various tasks, such as finalizing documentation, securing additional funds, or resolving any outstanding issues that may hinder the completion of the loan closing process. In North Dakota, there are various types of Request for Extension of Loan Closing Date, including: 1. Residential Mortgage Loan Request for Extension of Closing Date: This type of request is specifically related to residential mortgage loans, primarily for individuals or families purchasing or refinancing residential properties in North Dakota. Borrowers may use this form to request an extension of the closing date due to unforeseen circumstances, such as delays in the appraisal process, difficulties in obtaining required documents, or unexpected issues with property inspections. 2. Commercial Loan Request for Extension of Closing Date: Designed for commercial borrowers seeking financing for business ventures, this type of request is tailored to meet the unique requirements of commercial loan transactions in North Dakota. Borrowers may submit this form to request an extension of the closing date, providing detailed explanations for the delay and highlighting the potential impact on the business operations. 3. Agricultural Loan Request for Extension of Closing Date: Specifically targeted towards farmers, ranchers, and other agricultural borrowers, this request is aimed at extending the closing date for agricultural loans in North Dakota. It enables borrowers to address challenges specific to the agricultural industry, such as unforeseen crop failures, unfavorable weather conditions, or delays in obtaining necessary permits or licenses. Key elements of a North Dakota Request for Extension of Loan Closing Date: 1. Borrower Information: This section requires the borrower to provide their full name, contact details, loan account number, and any other identifying information related to the loan. 2. Lender Information: Here, the borrower needs to include the name, address, and contact information of the lender or financial institution handling their loan. 3. Original Closing Date: This section calls for the original closing date as stipulated in the loan agreement. 4. Reasons for Extension: The borrower must clearly and concisely explain the reasons for seeking an extension of the loan closing date. It is essential to provide valid justifications and any supporting documentation to strengthen the request. 5. Supporting Documents: If applicable, the borrower may attach any relevant supporting documents, such as medical records, legal documentation, or financial statements, to substantiate their request. 6. Proposed New Closing Date: In this field, the borrower should propose a new closing date, specifying the additional time required to address the issues or complete pending tasks. 7. Agreement of All Parties: The request should include a statement acknowledging that all parties involved in the loan transaction, including the borrower, lender, and any other relevant stakeholders, have agreed to the extension of the closing date. Remember, the North Dakota Request for Extension of Loan Closing Date should be filled out accurately, signed by all parties involved, and submitted to the appropriate authority within the specified timeframe outlined in the loan agreement. Failure to do so may result in the loan closing process being delayed or, in some cases, even lead to the cancellation of the loan.
