WHAT HAPPENS IF YOUR DATES EXPIRE ON YOUR PURCHASE CONTRACT?
By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
A common question is : What happens if the a date on my purchase and sales agreement has passed? Should i not worry about it?The purchase and sales agreement outlines the duties of the buyer and the seller, it contains, price, terms and dates. No part of the contract should be taken for granted or ignored.Home inspection Contingincy:In most purchase agreements the home insoection contingincy states the buyer shall have __ days to conduct and report any unsatisfactory results to the seller, If this date passes, the buyer than loses the ability to back out or ask the seller to make repoairs on anything found.Mortgage Committment Contingincy:Basically a contingincy to obtain a mortgage protects the buyer, if as a buyer you do not get a loan committment, you need to let them know by this da...
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