Can a buyer insist the schedules be updated right up until the morning of closing?

Yes, and in fact many buyers prefer this — requiring the seller to deliver updated schedules as close to the actual closing date as practical reduces the risk that the buyer is relying on stale information from weeks or months earlier, since the business keeps operating (and changing) throughout the negotiation and diligence process. This is usually built into the agreement as an express obligation, sometimes called a "bring-down" of the schedules, delivered alongside a certificate confirming the representations remain true as of closing.

The buyer's real leverage here is pairing this update requirement with meaningful consequences: if the updated schedules reveal something significant, the agreement should specify whether that triggers a closing condition, a price adjustment, or a right to walk away, rather than simply logging the update with no practical effect. A buyer who insists on updates but gives away all the resulting protections isn't gaining much in practice.

Structuring both halves of this together — the update obligation and what happens if an update actually reveals a problem — is exactly the kind of drafting a Treadstone business lawyer should coordinate rather than treating them as separate issues.