Closing Date Extension Addendum

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A closing date extension addendum is used when the parties both agree to extend the date at which the buyer may close on the property. An extension is likely due to an unforeseen circumstance such as issues with the title, buyer’s financing, buyer’s need to sell their property, or any other reason acceptable by the seller.

Depending on the terms of the purchase agreement, if the seller does not wish to grant an extension, they may request to have the earnest money deposit returned to the buyer. Although, if the market conditions have changed to the benefit of the seller since the property went under contract, the seller may be motivated to grant an extension in the hope that the buyer closes at the agreed-upon sales price.

(Video) What is a Closing Date Extension Addendum?

How to Write

Download in Adobe PDF, Microsoft Word (.docx), or Open Document Text (.odt).

1 – Download The Paperwork Required To Postpone A Closing Date

The image on this page will deliver a quick preview of this addendum. The buttons in the caption area are each labeled by the file type you will access when you click on it. Select the version most compatible with your machine then open it. You may work onscreen or, if preferred, you can print it then enter information with a blue or black pen.

2 – Introduce This Paperwork With Basic Facts

Our first task in satisfying the requirements of this paperwork will be to identify its calendar date. Record the name of the month and the two-digit calendar day on the first blank space then, fill in the two-digit year of this paperwork’s effective date on the second blank space. The Buyer’s full name should be furnished to the blank space after the word “…Between” and before the label “Buyer.” Next, the Seller’s name should be supplied to the blank space attached to the parentheses label “Seller.” The final two spaces in the opening statement require a report on the execution date listed on the original agreement. Document this date as a calendar month, day, and year across these spaces.

3 – Name The Desired Date

The statement beginning with the words “The Closing Date…” contains two empty spaces reserved for new Closing Date. This will extend the period of time until the Closing Date past the date in the original Purchase Agreement this addendum will be attached to. The new Closing Date will be the calendar month, two-digit calendar date, and calendar year you supply to this statement.

4 – All The Signature Parties From The Original Contract Must Sign This Addendum

Every signature party from the original purchase agreement must deliver a dated signature to this addendum. If not, it will not be considered a valid addition to the concerned contract. Enough room has been included for two Buyers, two Sellers, and two Agents to sign this document. If there are more than two of any of these parties or additional parties who have signed the original contract, then you must either add more signature areas (using the software you are working on) or provide an attachment with the additional parties.

The Buyer area will be the first one at the end of this document. He or she must present a valid signature, print his or her name, and record the current date on the blank spaces labeled “Buyer’s Signature,” “Print Name,” and “Date” (respectively). The “Seller’s Signature” line must be signed by the Seller who signed the original contract. His or her printed name should also be presented (on the “Print Name” line) along with the “Date” he or she signed this addendum. Every Agent who has signed the original contract must sign this addendum. The lines labeled “Agent’s Signature,” “Print Name, and “Date” will supply the area where he or she must sign and print his or her name as well as record the current date.