"Buyers might seek to extend the closing date due to financing, inspection, or paperwork delays, or life changes. Sellers should view these as practical requests, not dealbreakers, ensuring buyers are prepared for ownership. Financing delays: Lenders need more time to finish underwriting. Appraisal issues: The home appraisal comes in low , requiring renegotiation or extra funds. Title problems: Liens or errors must be cleared before closing."
"When a buyer wants to extend the closing date, sellers have choices. With the help of a lawyer, review your contract and state law, then decide whether to grant the extension, negotiate new terms, or keep the original deadline. "Time is of the essence" clause: If your contract includes this, the closing date is firm. Missing it may put the buyer in default. Without the clause: Extensions are only valid if they're in writing and signed by both parties."
Buyers request closing-date extensions for many practical reasons, including financing delays, low appraisals, title issues, inspection concerns, regulatory hold-ups, or personal life changes. Sellers should identify the cause, check contract language, and consult a lawyer to weigh options. Options include granting the extension, negotiating new terms (new date, deposit, price adjustments, or penalties), or enforcing the original deadline if a 'time is of the essence' clause exists. Without that clause, extensions must be written and signed. Sellers should consider risks to moving plans and proceeds, and explore backup offers or remedies before agreeing.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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