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Real Estate Contracts >Deadlines
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.
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| Q |
What famous antebellum mansion was known as the "Queen of Tennessee Plantations"?
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| A |
Belle Meade Plantation was a prosperous 5,400-acre thoroughbred horse farm in the mid 1800's. The Civil War Battle of Nashville was fought in its front yard. |
 See More Real Estate Trivia > |
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Cindy and Jeff Coats
Coldwell Banker Apex
Serving the DFW Metroplex
214-727-7959
Fax: 972-461-0631
cindycoats@NUMBER1EXPERT.com
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