Back to my earlier statement. So, as a buyer you can use a longer settlement period to plan post settlement renovations if necessary. The buyer delivers a check to the seller-usually for balance amount. The practice is known as split closing or split settlement where the buyer and the seller each use a title company for a single transaction. i agree, MOST of the time both parties are reasonable because ultimatley the seller wants to sell the home, however, I beleive the original question was does either the BUYER or SELLER HAVE TO agree to extend the closing and the answer is NO, they do not. Westcoe Realtors suggest that the buyer release a portion of his deposit money absolutely, such that the seller is entitled to keep it if the buyer fails to close on the new closing date. Most states allow the buyer a “reasonable” adjournment of the closing date before the seller can kill the deal. It delayed our closing over a week which really should not have been an issue. Buyer contingencies could prevent both parties from closing the deal. About the Author. 2. The term “legitimate” itself would need more analysis. If the seller has a contractual closing of July 15th you are a little early to grouse about the situation. At a minimum, there would be a delay in closing so the new position can be verified and possibly 30 days of pay stubs on the new job. I actually just experienced the same thing representing the buyer. Fixed Closing Date. Sometimes the seller’s real estate agent will be able to explain the situation. That’s okay. Obviously the amendment could be done without the $90 per day, but atleast it gives the buyer and buyer's agent notice that your seller doesn't intend to wait around for them to get their financing on track. Any penalty to the seller doing this?, Real Estate, 19 replies After funds for the sale have transferred, this could be much harder to accomplish. Such an amendment will result in closing date extension. On a more basic level, buying a home is … A delay in closing is not an uncommon situation. This is not the same as when the buyer … The closing date is fast approaching. If the buyer isn’t trying to wiggle out of the transaction with an excuse which is not legally sufficient, it could be the requested delay is for one of the following reasons: The buyer’s financing has changed. A program like HomeLight Cash Offer might help you meet the seller in the middle, presenting a cash offer but still allowing you to finance the purchase as the buyer. The buyer missing the closing date due to loan processing can be minimized or eliminated with buyers who have secured pre-approval. ... Why Buyers Request to Delay Closing. Methods for Preventing Rodents From Eating Tulip Bulbs. If closing date needs to change because of buyer - can seller change terms?, Real Estate, 15 replies Closing on new house tomorrow,seller will stay one month. What can a home seller do when the buyer wants to delay the closing? Alternatively, the buyer could pay a daily rate, or "per diem" amount, to compensate the seller for the additional costs incurred due to the postponed closing. Must I give my buyer a closing extension? If a problem arises at the final inspection, it’s possible that the attorneys or title company will delay the closing until the issues are resolved. There are tons of reasons why a mortgage is denied after a pre-approval is issued, but none make the delay in closing any easier for a seller. My realtor, who's also a property manager, says this isn't a big deal and he can draft up a lease agreement. I agree with Steve. It could be as short as a 60 day delay while a new buyer is found or as long as several years if a new buyer cannot be secured. 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