Depending on how your contract is structured you may have up to 21 days for your disclosures, inspections, loan and appraisal contingencies.
During this period, you the buyer, have control of the deal as you have the right to perform inspections, request repairs, agree to move forward with the purchase or cancel escrow based on your investigations, and get your deposit back.
The contingency removal dates are dates defined in the purchase contract. At the end of your contingency periods, you must either remove your contingencies and move forward with the purchase or cancel escrow and get your deposit back. Contingencies must be removed in writing via a contingency removal form signed by the buyer(s). Contingencies are only removed when the buyer submits the removal form. If a buyer fails to submit the form by the date outlined in the contract, the seller can issue a notice to perform and seek to cancel escrow.
Please note that removing contingencies are an important step in moving forward in a real estate transaction. However, you should be sure of moving forward before removing all contingencies as your Earnest Money Deposit will be at risk if you choose to exit the contract after removing them.
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