Here’s what buyers need to know about timeframes in their contracts.

 

“What are the deadlines and timeframes in a contract?” People ask me this all the time, so today, I want to briefly go over how long each part has to complete their side of a housing contract. 

 

First, the seller has to deliver the disclosure statement within five days of the contract. Once buyers receive it, they have the inspection period to decide if any of the problems are bad enough to cancel the contract. This inspection period is usually 15 days or less, and it starts once the contract is signed by both parties.

 

Buyers also have five days to review CCNRs and HOA documents starting the day they receive them from the title company. Keep track of these because if you forget about them and miss your five-day window, you’re out of luck. 

 

"There is no perfect time to buy, so purchase when you can and begin building equity."

 

After this comes the appraisal. If the appraisal comes in too low, you have a set amount of time to negotiate a workaround. 

 

I wanted to go over this because it seems like buyers are a little hesitant right now due to higher interest rates. Some are afraid of what's going to happen with the housing market. I understand the fear, especially if you’re buying an investment property. However, if you’re buying your forever home, understand that our market always has ups and downs. There is no perfect time to buy, so purchase when you can and begin building equity. 

 

If you have questions about today’s topic or anything else, please call, email, or visit my website. I look forward to hearing from you!