Real Estate Contract Timelines When purchasing a home you are signing an official contract that can and will be forced according to the terms of the contract. Although the paperwork seems like a lot of useless information you need to be clear about everything within the contract especially timelines. Timelines begin the moment the contract is fully executed by all concerned parties. You will have timelines whether you are the buyer or the seller. As the seller of a property you need to understand that you have deadlines according to the contract beginning with providing the buyer with disclosures and a loss report from your insurance carrier. If you fail to present these documents your buyer would have a good reason to cancel the contract so be sure you know what you need to provide and the time frame it needs to be done. You will also have to have the agreed upon repairs done a certain number of days prior to close of escrow, be sure you know when those need to be done and have them taken care of along with receipts for the buyer to prove they have been done and by whom. As a buyer you have many dates that need to be met as well. Your inspection period is critical since you may find repairs needed on the home that could make a difference on whether you try to negotiate with the seller on repairing them or you decide to cancel the contract based on your findings. If you pass your inspection date without canceling or requesting repairs you are agreeing to take the property as it is and you are at risk of losing your earnest money deposit which is highly likely to happen. Your lender has due dates that also have to be met so it is advisable to use a lender that is in the state you are purchasing a home so they understand and know their obligations on getting loan status updates to the selling agent in a timely manner and that the loan documents are at the title company on the specified number of days prior to close of escrow. All of these missed deadlines are cause for a potential breach of contract and whether you are the buyer or the seller the reproductions could be costly to you. All of these timeline deadlines are only one good reason you should use a good experienced realtor working for you when you are either buying or selling real estate. They will help you stay within your timelines and keep everything on track.
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