Appreciate it if anyone could help with this question -
If you were selling land with a set closing date determined and the contract had this clause:
"Subject to simultaneous purchase of lot 1B at [address].
"Subject to Buyer obtaining any and all permits required for building two single family homes on lots 1A and 1B."
Would this clause mean the Buyer can take as long as they want to obtain those permits, even if it takes months past the set closing date?
Not if the contract has a set closing date.
The buyer has conditioned proceeding to settlement on X date with both (1) obtaining lots 1A and 1B; and (2) obtaining all necessary permits. If either doesn't pan out -- either the 1B deal falls though or the permits cannot be obtained -- they invoke the contingency and walk.
Now, if the contract had express language concerning the settlement date being pushed back to allow for buyer to satisfy either of those conditions, that would change my opinion completely.
As @Tom Gimer said, not unless the contract specifically stated the closing date would be extended, preferably for a set amount of time.