You may want to ask the Boca Raton real estate agent you're working with about this. You may also want to talk to an attorney, just to verify whatever advice you get from others.
As agents, we can only speak from our own experience. Generally, we find that condo association and bank delays are understood by sellers. An addendum that extends the closing date is the custom.
However, your sellers may ask you to update them with specifics on the bank delay in order for them to determine whether or not you will be granted the loan.
As for the condo association, most stipulate that they have up to 30 days from the day the final document is submitted to process their paper work. Many of the associations will take every minute of those 30 days.
We're not connected to your transaction, so we don't know if the seller will allow you to extend the time. However, it probably will make sense for them to do so. After all, if the sellers were to cancel your contract, they'd have to undergo the same process again.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions