Updated September 2026
You have accepted an offer, the conditions are waived and the closing date is in the calendar. Then the buyer's agent calls: the buyer needs more time. It happens more often than most sellers expect, and how you respond can protect your own plans and your money.
You don't have to agree
In Ontario, the closing date is a term of your Agreement of Purchase and Sale. Changing it takes a written amendment signed by both you and the buyer, usually on OREA Form 120, Amendment to Agreement of Purchase and Sale. Until you both sign, the original closing date stands.
Why buyers ask for more time
The most common reasons are a delayed mortgage approval or appraisal, the buyer's own sale closing later than planned, their lawyer needing more time, or a delay on a newly built home they are moving from or into. The reason matters, because it tells you how likely the buyer is to close on the new date.
What an extension could cost you
Before you answer, write down what a new date would change for you:
Your own purchase. If you are also buying, your purchase may now close before your sale. That can mean bridge financing, which carries interest and fees and has to be approved by your lender.
Carrying costs. Mortgage payments, property taxes, utilities and insurance continue until closing.
Your mortgage payout. A later payout date changes your discharge statement and possibly your penalty. Ask your lender before you agree.
Moving plans. Movers, storage, school dates and any rent-back arrangement.
Rate holds. If you are buying, make sure your mortgage commitment or rate hold still covers the new timeline.
What you can ask for in return
An extension is a negotiation. Depending on your situation, sellers commonly ask for:
An additional deposit, held in trust the same way as the original deposit.
Compensation for carrying costs, often a daily amount (a per diem) or a fixed sum paid on closing.
Reimbursement of bridge financing costs, if the delay forces you to take a bridge loan.
A short, fixed extension rather than an open-ended one, with every other term of the agreement unchanged.
Have your lawyer review the amendment before you sign, and make sure both lawyers receive a copy of the signed amendment.
If you say no and the buyer can't close
If the buyer doesn't close on the agreed date, your lawyer will usually tender, which means formally showing that you were ready, willing and able to close. The buyer is then in default. You may be able to relist and sell to someone else, and you may be entitled to damages, for example if you end up selling for less.
The deposit doesn't move automatically. It is held in trust, and in Ontario it is generally released only with a written direction signed by both buyer and seller, or by a court order. That is one reason a well-negotiated extension is often a better outcome than a collapsed deal. Every situation is different, so talk to your lawyer before you decide. This article is general information, not legal advice.
How we handle extension requests
When a buyer asks for more time on one of our listings, we start by finding out why, and we confirm with the buyer's agent what they actually need. We work out what the delay would cost you before we respond, negotiate the amendment, and have your lawyer review it before you sign.
If you are the buyer
If you think you may need more time, tell your agent as early as possible. Sellers are far more open to a request made weeks ahead than one made days before closing, and it gives everyone time to plan.
Talk to us
Selling in York Region, Simcoe County or Durham? Call us at (905) 830-9111, or start with a quick estimate at MyValue.ca.
