Real Estate Agent with RE/MAX Agents Realty

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 careless, 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.

Posted by

Dallas Chambers

RE/MAX Agents Realty

Office:  770-922-7777 X316

Cell:     770-595-1541



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Michael Ford
Coldwell Banker Heritage Homes - Marion, AR
Matching Families with Homes

Yes I agree and I think it's not just buyers and attorneys that need to remember there are dead lines but so do real estate agents.

May 16, 2010 07:12 AM #1
Dorie Dillard CRS GRI ABR
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

hi Dallas,

You are exactly right! Paying attention to deadlines in a contract are crucial! Representing either buyer or seller should be taken seriously..they are depending on your guidance through the intricacies to protect their interests.

May 16, 2010 07:13 AM #2
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