Per California Residential Purchase Agreement, a buyer’s ability to secure financing is a contingency of the agreement unless otherwise specified in writing. Buyer shall act diligently and in good faith to obtain the loan. The standard default time is 21 days but in my client’s case, we shorten the contingency period to 17 days. We had to make the terms stronger in order to compete against the other offer on the property. After signing the removal of contingencies, buyers are then obligated to move forward with the purchase of the home. The seller may then be entitled to buyer’s earnest money deposit and liquidated damages if the buyer decide to cancel the contract. For more information with regards to your own transaction, you should always reach out to your real estate agent.
The purpose of the property walk-through is to satisfy the buyer with regards to the condition of the house. It is a final inspection but is not a contingency of the sale of the property. Buyer acknowledges that the property is in substantially the same condition as on the date of acceptance of offer and that seller has completed any repairs as agreed upon by both parties.
If you or someone you know is looking to own, sell or invest in real estate in Canyon Lake and Menifee area, I’d love to help. #angelacarpiorealtor 🏡
Angela Carpio, Realtor
📲 619-228-5034
💻 AngelaCarpioRealtor@Gmail.com
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CAL DRE #01967762
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