The bank (seller) wants to add to the contract that the closing date would be 45 after the execution of the contract and for every day following the 45 days I will be penalized by $50 if the closing is delayed. my lender believe that the closing can be done within this time frame but I am hesitant to be in this position.

I certainly did not, and neither did the mortgage lender who  pre-qualified me.After closing on the HELOC  this week, I was reading through the docs last night and stumbled upon the Occupancy clause :"Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control"So I'm not sure what to do.  

I suggest you arrange for two or three specific dates/times to have your "money partners" view the home.

There are different kinds of options, the option detailed above is a "European Option" (has nothing to do with Europe) where the right to purchase becomes effective over a short period or on a date in the future.

Their data is not always up to date and for nearly a year they have been in court trying to get access to the MLS.

Come visit fellow Western Mass investors at the WM REIA.

MRIS dates back 23 years.

I'm always willing to discuss real estate with fellow investors.

I'm here to learn about real estate in Baltimore, MD and network with fellow real estate investors/enthusiasts.

Send me a PM if you ever want to get together for coffee some morning and talk REI great to network with fellow BPers and tennesseans!