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.
Utah 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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FAQ
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.
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.
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.
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.
First, reach out to your buyer and open up the lines of communication with the help of your listing agent. Remember, life can be unpredictable, and sometimes, things don't go as planned. Ask them about the reasons behind the delay. Maybe it's a financing hiccup, or they've hit a snag during the inspection.
Most attorneys agree that an adjournment of 30 days is reasonable.