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The contract to purchase states that the property will have settlement “on or about” the date agreed upon by both buyer and seller. It is possible that there could be a delay on either the buyer’s side (perhaps due to a last-minute document needed by the lender) or on the seller’s side (perhaps a problem with your settlement company obtaining a payoff amount from your mortgage company) that could delay closing. Because of the language in the contract “on or about” settlement date, neither party is obligated to pay for temporary lodging, lender rate lock extensions, storage facility fees, etc. if there are delays.
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