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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.
The Nancy Minor Team RE/MAX Suburban Atlanta 4989 Peachtree Parkway Norcross, GA, 30092 770-325-1873 770-849-9670 Nancy@Minor.net
Nancy Minor helps more families sell their homes in her primary market than any other agent. She sells homes in Peachtree Corners, Gwinnett County, North Fulton and South Forsyth. When working with The Nancy Minor Team, expect patience, caring and expert real estate advice. Nancy has consistently been one of the top ten agents in Gwinnett County as well as one of the top 100 in all metro Atlanta. The Nancy Minor Team has embraced technology as a means of providing the highest level of service for clients. You will find that moving with us is a “Minor” Detail.
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