Language in Addendum Re: $50.00 a day charge for extending closing date??????

Tips and Deals Forums Home Mortgage Language in Addendum Re: $50.00 a day charge for extending closing date??????

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    • #251939

      OK this is what the addendum says
      Closing is to occur on or before 05/18/2012. Time is of the essence. No extension of the closing date will be given
      without prior written approval of the Seller. Seller reserves the right to unilaterally extend closing date if legible
      copies of the executed purchase contract are not received in a timely manner. The Buyer shall be charged a fee of
      $50.00 per calendar day for any extension of the escrow period past the closing date of05/18/2012, to be paid to and
      collected by the closing agent at the time such extension is granted. The Buyer shall not be obligated for any delays
      caused by the Seller’s title company/closing agent. All funds must be paid according to the closing/escrow agent’s
      instructions for receipt prior to the closing.
      We signed an addendum two weeks ago extedning the date till today, but nothing was mentioned….We did not close today and we have not gotten a response from the realtor if she got another extension…I was reading back through the paper work and read that and am now freaking as it would cost ALOT more money that we do NOT have…
      Anyone have an experince like this.

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