Can Sellers Request Buyers to Extend Closing Dates?
“I lost out last week on a house and already have mine sold. Am I allowed to ask the buyers of mine to extend our closing date to give me more time to find somewhere else?”
In real estate transactions, the closing date is a pivotal moment. It’s the day when ownership of the property officially transfers from seller to buyer. However, what happens if unforeseen circumstances arise, and the agreed-upon closing date becomes challenging to meet?
Sellers do have the option to request buyers to extend the closing dates, but it’s not a unilateral decision. Both parties must agree to the extension for it to be valid.
“You are more than welcome to request an extension of closing from your buyers. It does not, however, obligate them to accept. Of course, you might choose the date or anything else if your house is currently advertised. However, since your house has actually sold and you have that date, you or your agent are able to make an adjustment to change the dates. It needs to be signed and approved by both you and the buyers. Sadly, you will have to use the original date if they don’t sign it. Perhaps you could take a quick trip, stay at an Airbnb, or take a small vacation in between.”
Effective communication is key. Sellers should provide clear explanations for the need to extend the closing date and offer reasonable alternatives or concessions if necessary. Buyers, on the other hand, should assess the situation pragmatically, considering their own circumstances and the feasibility of accommodating the request.