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.
For more information, contact Bill Cullin today!
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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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ACCREDITATIONS & AWARDS:
- 2020-2021 Top Producing Individual Agent in Delaware for Long & Foster
- Top Producing Realtor at the Long & Foster Rehoboth Beach Sales Office, for 16 Consecutive Years
- Top Selling Realtor at The Henlopen Condominiums, Exceeding the Volume of Any Teams in Delaware
- Five Star Professional Award-Winning Sales Agent for 9 consecutive years
- 2020-2021 Member of Long & Foster’s Gold Team Master Club Level, with sales volume over 30 million dollars
- Homesnap Top 5% Award based on data from 2021 for over 1 million Homesnap Pro agents nationwide
- Zillow.com 5 Star Professional for 12 Consecutive years with Best of Zillow designation awarded in 2019
Long & Foster Real Estate, Inc.
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
Office: 302-227-2541, Ext 27117
