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 inspections, document review, financing application, loan commitment, and the agreed upon settlement date.
If you are not keeping track of those dates, you could lose your rights as prescribed in the contract, such as requestiing the seller to repair or pay for a needed repair of a major defect found during the home inspection. There will also be a limit on the time the seller has to respond to the buyer's request to complete repairs. Failure to apply for your mortgage on time may place your deposit at risk if the loan is denied. In some cases, the agreement may be declared null and void by the seller if financing is not approved within the time frame set forth in the contract. Also, the agreement could possibly be declared null and void by the seller if financing is not approved within the time frame set forth in the contract.
Once the property is under contract, notate all important dates in your digital (or physical) calendar, keep track of them, and work closely with your real estate agent to ensure that all of your deadlines are met to insure a smooth transaction.
If you have any questions about this real estate tip, or questions regarding any other tips you may have read elsewhere, do not hesitate to ask! There is no obligation and and I will get back to you quickly!
Call me today for all your real estate needs!
__________________
Bill Cullin
Your Real Estate Source at the Delaware Beaches
Call or Text: (302) 841-7147
Toll Free: (800) GO-BEACH, Ext 27117
Email: Bill.Cullin@LNF.com
Websites:
DelawareBeachRE.com
TheHenlopen.com
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*2022-3rd Consecutive Year: Overall Top Producing Individual Agent in Delaware at Long & Foster
*2022-3rd Consecutive Year: Member of the Long & Foster’s Gold Team Master Club Level, with sales volume of over $20-35 million
*2023-10th Consecutive Year: Five Star Professional Award-Winning Sales Agent
*2022-16th Consecutive Year: Top Producing Agent at Long & Foster’s Rehoboth Beach Office
*2022-13th Consecutive Year: “Zillow.com 5 Star Professional”, with “Best of Zillow” designation awarded in 2019
*Top Selling Agent at The Henlopen Condominium in Rehoboth Beach, with well over 40 transactions, exceeding the volume of any team or agent in Delaware
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Long & Foster Real Estate, Inc.
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
Office: 302-227-2541, Ext 27117
