What happens if my Closing is delayed?

There are several factors that can potentially cause a delay in the closing of your deal. These factors include scenarios where your mortgage lender fails to provide the mortgage funds on time or when the seller is unable to provide the necessary information or documents required to complete the transaction before the scheduled Possession Date. If I become aware of any potential delays, I will promptly inform you to keep you informed throughout the process.

It is important to note that the nature of the real estate closing process means that certain issues or delays may not become apparent until the morning of the closing. While we strive for a timely and smooth closing, unforeseen circumstances can arise that impact the scheduled timeline. Please be assured that we expect everything to be on time and will work diligently to address any delays that may arise.

In the event that the deal cannot close on the scheduled Possession Date, there is the possibility of arranging a tenancy agreement, which would allow you to still move into the property while the closing is being resolved. Should this option become necessary, we will discuss it with you in detail to ensure your needs are accommodated.

It is important to note that if the closing is delayed, there may be a penalty payable to the seller as outlined in the real estate contract. Typically, this penalty is calculated based on the cash to close and is set at the prime rate plus 3% per diem. However, depending on the circumstances, there may be potential for a reduction or waiver of the penalty.

While a delay in closing can be frustrating, we will make every effort to minimize any disruptions and work towards a resolution that is in your best interest. Our team is experienced in handling such situations and will provide guidance and support throughout the process.

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Updated on August 24, 2023