Contract Dates Matter in CA

By
Real Estate Broker/Owner with Advantage Real Estate CalBRE 01863694

Whether you are a buyer, seller or agent, contract dates matter.  Oftentimes, agents and their clients believe that contingencies are automatically removed once the date for the contingency has passed.  This is not true in California!  Contingencies must be actively removed.

If you are representing the seller, it's in their best interest to either have contingencies removed on time using the correct form, or to have specifically extended a particular contingency. Thinking that you'll just have them all removed at the end exposes the seller to unnecessary risk.

Legitimately, the buyer's agent should voluntarily provide a contingency removal to the seller's agent in a timely manner without being asked.  Sadly this is often not the practice that I see.

 Similarly, in our market, buyer's agents often overlook providing proof of funds to close, a full pre-approval reflecting at least the purchase price, and proof that the loan application has been made.  All three of these are typically required within 3 days unless those periods have been modified in the accepted contract.

Let's step up the game professionally and help buyers and sellers get the experience they deserve!

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