Tip # 9. Penalties
There are stiff penalties for every day the closing is delayed, beyond the date specified in the contract, by the Buyer or the Buyer’s Lender. A typical penalty is $100 per day, and there can me a minimum fee if you request an extension. It is imperative that you as the Buyer cooperate fully with your lender in providing documentation in order to ensure your loan makes it through underwriting so you can close on time.
If a delay in closing is experienced as a result of some action not taken by the Seller/Bank, there is no penalty assessed.