If you don’t close on time, the property seller could cancel the transaction and potentially sue you for performance depending on the terms of your contract. This is more likely if the seller has received better backup offers or is depending on this sale closing on time so that they can close on their next home. In this case, you also would lose your earnest money. If you’re unable to close on time, then the parties most frequently will agree to an amendment to the original contract that extends the deadlines. This isn’t guaranteed, though, so do your best to stick to your original contract, because it can be expensive if you fail to close on time.