Both buyer and seller should be aware of all of the deadlines in their purchase agreement. Each contract is different, but there are usually time limits covering the structural contingency, the financing application, the loan commitment, and the closing.
If you are a careless buyer, you could lose your right to ask a seller to pay for needed repairs. There may be a limit on the time the seller has to respond to the buyer's request to complete repairs that are not required by the contract. Failure to apply for your mortgage on time may place your deposit at risk if the loan is denied. In many cases, the agreement can be declared null and void by the seller if financing is not approved within the time frame set forth in the contract. A delayed closing can cost the sellers money, and they may ask the buyer to reimburse these expenses.
Work closely with your real estate agent to ensure that all of your transaction deadlines are met.
Do These Real Estate Tips Really Apply to YOU?
I've learned these tips through experience. But I know that YOUR situation might be different. That's why I'm here.
It's my job to personally advise homebuyers and sellers. Ask me if any tip that I've included here really applies to your situation.
Do any of these tips raise questions for you? Didn't find what you're looking for? Let me know! I am happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
What famous American sign was originally erected as a real estate ad?
The Hollywood sign, built in 1923, was conceived as a real estate ad that originally read, "Hollywoodland."
|See More Real Estate Trivia >
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.