The Real Estate Closing Date Addendum is utilized when circumstances require a change to the original closing date specified in a real estate purchase agreement. Common reasons for such modifications include delays in obtaining financing, incomplete repairs, title issues, or other unforeseen circumstances. This document is crucial in the United States real estate market as it provides a formal mechanism to modify the closing timeline while maintaining the validity of the original purchase agreement. The addendum must be executed by all parties to the original contract and typically includes the new closing date, reason for the change, and any associated terms or conditions.
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1. Original Agreement Reference: Section identifying and referencing the original purchase agreement being modified, including date of original agreement and parties involved
2. Parties: Identification of all parties to the agreement, including buyer(s), seller(s), and their legal capacity
3. Background: Brief context explaining the need for the closing date modification and reference to original agreement
4. Definitions: Key terms used in the addendum, including references to defined terms from original agreement
5. New Closing Date: Clear statement of the new agreed closing date and time
6. Effect on Other Terms: Confirmation that all other terms and conditions of the original agreement remain unchanged
7. Signatures: Execution block for all parties, including dates and notary requirements
1. Extension Fee: Details of any monetary consideration required for the closing date extension, including amount, payment terms, and deadline
2. Mortgage Contingency Modification: Amendments to existing mortgage contingency dates and terms necessitated by the closing date change
3. Force Majeure Provisions: Special provisions addressing delays caused by circumstances beyond parties' control
4. Additional Deposits: Requirements for any additional earnest money deposits due to the extension
1. Schedule A - Updated Timeline: Revised schedule of key dates including inspection periods, contingency deadlines, and other time-sensitive requirements
2. Schedule B - Extension Fee Schedule: Detailed breakdown of any extension fees, payment schedule, and proration calculations if applicable
3. Schedule C - Updated Closing Disclosure: Revised closing costs and adjustments reflecting any changes due to the new closing date
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