My wife and I went into contract basically Aug, 1. From what I understand the on / about date is Sept 1st. Either the seller or us have the right to extend for 30 days for whatever reasons but the last day would have to be OCT 1st.

The seller originally verbally agreed with us that we would like to close Sept. 15th. Now has stated she needs more time and is looking to at least the 25th, no sooner.

My concerns are what if all the lawyers, bank lawyers, agents and such aren't available that week? Can this go past Oct 1st now? Or once all the lawyers determine when they can have it say the 20th are both the seller and buyer kinda pushed to do it then. I am worried that the seller is leaving no wiggle room by pushing her availability towards the end of the 60 days.

What happens in this case? Does the seller get penalized if they don't close within the time of the contract?