Important Tips for Completing a Residential Contract for Sale and Purchase – Part 5: Closing Date and Extension of the Closing Date (Section 5)

Closing Date

This section addresses the date of closing, who chooses the date and what documents needs to be brought to closing. The closing date is the time where the contract is delivered. You must indicate the Closing date that was chosen by Closing Agent in the blank field. At the time of closing, you must bring all closing documents with you.

Extension of the Closing Date

First, this section addresses the different situations where a closing date can be extended. These include when closing funds from Buyer’s lender are not available at the time of closing; extreme weather prevents closing; or hazard, wind, flood or homeowner’s insurance is unavailable prior to closing.

Secondly, this section indicates the time in which the above conditions need to be restored. If the utilities, services or availability of the insurances mentioned above is not restored at this time, the contract may be terminated by either party. You must indicate the amount of days that the restoration must occur within or the default time will be 14 days.