Does Missed Closing Date = Voided Contract?

[Nathan Burnett]

Hey All! Would like to get your input regarding the validity of a purchase contract..

Scenario: Closing date has come and gone, because the buyer's lender took longer to process the loan than expected. The buyer and seller have RE agents representing them. Per contract, all extensions/addendum etc. etc. must be in writing and signed off on by both parties. Verbally, everyone has been under the impression that we would extend closing for the sake of getting the deal done. However, there was never a written or signed extension to contract presented by the RE agents for signature. There is no earnest money in the deal.

Question: Does the fact that closing did not occur (and has not yet occurred) on or before closing date mean that the original contract is now null and void/expired, etc?

The contract does not explicitly state that "this contract will be deemed void if closing does not occur by closing date." It actually doesn't explicitly state anything about what happens if the closing date passes. 

Any one have any experience with situations like this?

Thanks!