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In this video tutorial, Eric Hutchinson, principal broker and owner of Hutchinson Realty, discusses the Closing Date Modification Addendum in his "Negotiating Your Next Home" series. After reaching an agreement on a home and completing the inspection, circumstances may arise necessitating a change to the closing date. Both the buyer and seller must use a mutual document to agree on this modification. Hutchinson emphasizes the importance of preparing both parties for the intended closing timeline to minimize complications and ensure that the transaction proceeds smoothly.