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.
The Washington Extension of Loan Closing Date refers to a legal provision that allows borrowers in the state of Washington to extend the deadline for completing the closing of a loan agreement. This provision is designed to provide flexibility to borrowers who may encounter unforeseen circumstances or delays during the loan closing process. One type of Washington Extension of Loan Closing Date is known as the "Auto Extension." This type of extension is automatically granted to borrowers in certain situations, such as when the lender fails to provide all the necessary documents and disclosures within a specified timeframe. The auto extension ensures that borrowers are not penalized for delays caused by the lender's actions. Another type of Washington Extension of Loan Closing Date is the "Voluntary Extension." This type of extension allows borrowers to request additional time to complete the loan closing process, typically due to personal reasons or unexpected events. The borrower must submit a written request to the lender explaining the need for the extension, and the lender may approve or deny the request based on their discretion. Certain conditions need to be met for the Washington Extension of Loan Closing Date to be granted. This provision usually requires that the borrower provides a reasonable justification for the extension, such as documentation of an unforeseen event or an ongoing issue that hinders the loan closing process. Additionally, the borrower must communicate their request for an extension in writing to the lender within a specified timeframe before the original closing date. The Washington Extension of Loan Closing Date is an important protection for borrowers, as it allows them to navigate unexpected challenges or delays without facing penalties or additional costs. By being aware of the various types of extensions available and understanding the necessary requirements, borrowers in Washington can make use of this provision to ensure a smooth and stress-free loan closing experience.
