bruceyg,There is 3 day grace period after the settlement day in...

bruceyg,

There is 3 day grace period after the settlement day in which penalties can not be charge. It is as malaga says a function of the contract price. Generally if you have a good settlement agent they are able to agree with the other party and avoid penalties.

Seeing as the conditions of the contract have not been met you should very much be in the clear.

Best to seek the counsel of your settlement agent.