What is a contingency date and why is so important?
There can be contingencies to your purchase that are as important as the close date. In fact, if they are missed you could end up losing your earnest deposit and any additional deposit that you have put down.
So remember to pay close attention to the following contingency dates:
- Loan contingency - to remove you should have an Approval from lender and you should have or know all conditions that are required by the lender. It is best that you have met these conditions by contingency time -- otherwise you could run into some real trouble before close. These problems could either delay or stop a close.
- Appraisal contingency - this is very important to the sale to know what the value of the property is. Delaying an appraisal could cause big problems and could essentially stop a close.
- Home Inspection contingency - this is the time that the buyer has to do their inspections of the property and decide if they want to purchase the property will all the problems that it may have. Or to ask the seller to pay for the repairs or give a credit for the report. If an AS IS sale: This is the time to decide what the repair cost is to see if you are really buying a deal or a problem.
- And any other contingency that is written into the contract - these will be stated in the contract either by the seller or buyer. Once other contingency can be contingent on either buyer selling their home or seller's new home being ready to move in.
The California CAR form is very clear on the contingency rules and give the opportunity to write in a number of days or you go with the pre-printed ones that are on the CAR contract.
Paying close attention to these contingency dates is important. If you do not and miss any one of them you 
could either lose the deal or lose your earnest deposit money or both.
Talk to your agent about this because it is an important of the purchase process.
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