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.
Utah Extension of Loan Closing Date
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How to fill out Extension Of Loan Closing Date?
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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.
Closing dates are outlined in the purchase contract. 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. ?A typical purchase contract says 'Closing on or before X date unless a change is mutually agreed upon by both parties,'? says Hardy.
This Addendum is being added to the purchase agreement between the Parties, dated [MM/DD/YYYY], for the property located at [PROPERTY ADDRESS] (?Original Agreement?). 3. CLOSING DATE EXTENSION. The Closing Date agreed to under the Purchase Agreement shall be hereby extended to [MM/DD/YYYY].
Grant an Extension It may be relatively simple for you to extend the closing date, without any strings attached, by your real estate agent, who can negotiate a new date. Extending the closing date can be beneficial to you.
If the closing date is missed, then at a minimum, the contract is in jeopardy; the worst-case scenario is the contract has expired. The typical action is to extend the closing date, but the sellers might not agree.