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.
Request for Extension of Loan Closing Date
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Description
Definition and meaning
The Request for Extension of Loan Closing Date is a formal document used by loan applicants to request additional time for the completion of a loan closing process. This form is essential in situations where unforeseen circumstances prevent the closing from occurring on the originally scheduled date.
How to complete a form
Completing the Request for Extension of Loan Closing Date form involves several important steps:
- Fill in the property address, including street, city, state, and zip code.
- Provide the loan number.
- Indicate whether the loan is FHA by checking the appropriate box.
- Enter the date of application and the original closing date.
- Specify the number of additional days requested for the extension.
- Include a certified check or money order for the extension fee, which may be non-refundable.
- Attach required documents supporting the request.
Who should use this form
This form is intended for individuals or entities involved in a loan agreement who find that they are unable to close on the loan by the original date. This scenario may involve homebuyers, estate holders, or any party engaged in financial transactions dependent on loan approval.
Key components of the form
The Request for Extension of Loan Closing Date includes vital information that must be filled out correctly:
- Property Address: Where the property related to the loan is located.
- Loan Number: Unique identifier for the financial agreement.
- Request Information: Details about the original closing date and the new requested date.
- Extension Fee: Information about the payment for processing the extension.
- Supporting Documentation: Required paperwork must accompany the request.
What documents you may need alongside this one
When submitting the Request for Extension of Loan Closing Date, it is crucial to include the following documents:
- Copy of the sales contract signed by all parties involved.
- Documentation showing the originally scheduled closing date.
- Copy of the mortgage loan application.
- Notification of approval of the loan application.
Common mistakes to avoid when using this form
When filling out the Request for Extension of Loan Closing Date, avoid these common errors:
- Failing to provide accurate property or loan information.
- Not including the required supporting documents.
- Missing the deadline for submission of the request.
- Neglecting to sign the form properly.
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FAQ
When the closing date was originally determined and the contract signed by both parties, that contract is binding. When the buyer misses the closing date, the seller has the right to terminate the contract and re-list the house for sale or contact other parties who had previously made offers on the property.
If your lender delays closing, you have two options: Do nothing. Request to cancel escrow or serve a Notice to Perform.
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.
There are many different parties involved in closing escrow.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.
Typically, lenders will allow a 30-day rate lock at no cost. If your buyer needs a 60 or 90-day rate lock to meet your closing schedule, that is going to cost money.If you are looking for an abnormally long closing time, you may even want to offer concessions for the buyer to purchase a long-term rate lock.
Every property purchase also has to be reviewed by a title company, and scheduling a time for that can delay the closing date.It's up to the seller to pay the liens (or fight them in court), which can delay closing by weeks, if not months. Personal issues can also delay a closing, Hardy notes.
Most closing dates are open to negotiation, but some are set in stone, so check your contract to see if you can even make a change.That means a final closing date is set, but there's room in the contract for either the buyer or seller to ask the other party for some wiggle room.
Review the details in the contract to see what the allowable time is for a delay on the part of the seller. Usually a 30-day window is applicable. However, if the house closing delayed by the seller moves beyond the allowable window, the seller could be liable for financial losses incurred by the buyer due to a delay.
Asking for 90 days in our market would never happen unless you guaranteed the Seller the EMD if the deal falls through, or put a limited time clause in the contract saying the Seller can still have it listed as active and if they get another offer you have X amount of days to move forward and close now.