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Valid Closing Date Extension Addendum Form Template

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Closing Date Extension Addendum Form

This Closing Date Extension Addendum Form is designed for use in transactions governed by the laws of [State]. This form allows parties to agree on an extension of the closing date originally set forth in the purchase agreement.

By signing this addendum, all parties acknowledge that they are entering into a legally binding agreement. It is advisable to seek legal counsel before executing this document.

Parties Involved:

  • Seller: [Seller's Full Name]
  • Buyer: [Buyer's Full Name]

Property Information:

Address of Property: [Property Address]

Original Closing Date:

[Original Closing Date]

New Closing Date:

[New Closing Date]

Terms:

The parties agree to extend the closing date as follows:

  • The new closing date will be on or before [New Closing Date].
  • All terms and conditions of the original purchase agreement remain in effect, unless amended herein.
  • This extension is made with mutual consent between the parties.

Signatures:

By signing below, the parties confirm their acceptance of the terms of this Closing Date Extension Addendum:

  1. Seller Signature: _______________________________ Date: ________________
  2. Buyer Signature: _______________________________ Date: ________________

This document should be executed in duplicate. Each party should retain a signed copy for their records.

Please consult with a qualified attorney to ensure compliance with all relevant laws and regulations.

Form Data

Fact Name Details
Purpose The Closing Date Extension Addendum Form is used to extend the closing date of a real estate transaction, allowing both parties additional time to fulfill their obligations.
Parties Involved This form typically involves the buyer and seller of the property, both of whom must agree to the extension.
Governing Law In many states, including California and Texas, the laws governing real estate transactions apply to the use of this addendum.
Signature Requirement Both parties must sign the addendum for it to be valid, indicating mutual consent to the new closing date.

Closing Date Extension Addendum Form - Usage Guidelines

Once you have the Closing Date Extension Addendum Form in front of you, it's time to get started. This form allows you to extend the closing date of your real estate transaction. Make sure you have all the necessary information at hand before filling it out.

  1. Begin by entering the date of the original closing agreement at the top of the form.
  2. Fill in the names of all parties involved in the transaction. This includes buyers and sellers.
  3. Next, write down the new proposed closing date. Make sure this date works for everyone involved.
  4. In the designated section, note any additional terms or conditions that may apply to the extension.
  5. All parties must sign and date the form at the bottom. Ensure that everyone involved has done this to avoid any issues later.
  6. Once completed, make copies of the signed form for your records and distribute the necessary copies to all parties.

After completing the form, it’s important to communicate with everyone involved to confirm the new closing date. Keeping everyone on the same page will help ensure a smooth transaction moving forward.

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Dos and Don'ts

When filling out the Closing Date Extension Addendum Form, it's essential to approach the task with care. Here’s a helpful list of things to do and avoid:

  • Do double-check all information for accuracy before submitting.
  • Do ensure all parties involved have agreed to the extension.
  • Do clearly specify the new closing date.
  • Do keep a copy of the completed form for your records.
  • Do consult with a real estate professional if you have questions.
  • Don't leave any sections of the form blank.
  • Don't use vague language; be specific about the terms.
  • Don't submit the form without the necessary signatures.
  • Don't forget to adhere to any deadlines associated with the extension.
  • Don't overlook any local regulations that may apply.

Common mistakes

  1. Missing Signatures: One of the most common mistakes is failing to sign the addendum. Both parties must sign to make the extension valid.

  2. Incorrect Dates: Entering the wrong dates can lead to confusion. Always double-check that the new closing date is accurate.

  3. Not Initialing Changes: If any changes are made to the original terms, those changes should be initialed by both parties. This confirms agreement on the modifications.

  4. Leaving Out Important Details: Omitting critical information, such as the property address or the reason for the extension, can render the form incomplete.

  5. Using Inconsistent Language: Ensure that the language used in the addendum matches the original contract. Inconsistencies can create misunderstandings.

  6. Not Keeping Copies: Failing to keep a copy of the signed addendum for personal records can lead to issues later. Always retain a copy for your files.

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