Common use of Scheduled Closing Clause in Contracts

Scheduled Closing. Time is of the essence for a timely closing date. Therefore, if due to Purchaser’s actions, Purchaser does not close on the scheduled closing date, a delay in closing charge of two percent (2%) of the sales price may be charged to the Purchaser(s) per month, pro-rated on a daily basis for each day that the closing is delayed. This clause cannot be waived without the written consent of Weichert.

Scheduled Closing. Time is of the essence for a timely closing date. Therefore, if due to Purchaser’s actions, Purchaser does not close on the scheduled closing date, a delay in closing charge of two percent (2%) of the sales price may be charged to the Purchaser(s) per month, pro-rated on a daily basis for each day that the closing is delayed. This clause cannot be waived without the written consent of Weichert. Prior Approval. Weichert, or an authorized representative of Weichert, must approve all closing figures prior to closing.