Living Green Olympia: Do You Know When Your Deadlines Are?

Do You Know When Your Deadlines Are?

When buyers for Olympia area homes make an offer on a house, the paperwork for the offer will typically include a number of contingencies: financing, title review, inspection, etc.  And typically each of these will have a deadline attached to it.  These deadlines are super important since once the deadline passes, that particular contingency will likely be ended - whether the buyer meant for it to be or not.

An example is the inspection contingency.  Our NWMLS purchase and sales addendum for inspections specifies the number of days the buyer will have to have any desired inspections done, & either give notice of a request for repairs or other corrections stemming from the inspection, approve the inspection results, or cancel out of the deal altogether. 

If the inspection contingency deadline comes and goes with no buyer action, then it is likely that the chance to request repairs or cancel based on needed repairs is gone.  If the buyer now wants to cancel because of needed repairs, their earnest money may well be forfeited.

 

Calendar

Since these deadlines ARE really important for a buyer's protection, make sure you know WHEN your deadlines are.  Our contracts spell out how time periods are to be counted; what is the first day of the period?  What happens if the last day is a holiday or weekend?  Are short (5 days or less) time periods counted differently? 

If you are buying a house, make sure you know the answers to those questions for your particular transaction.  I like to give my buyers a timeline list of each deadline we will have, so that we are both aware as those deadlines approach.

Make sure you know when your deadlines are!  (And stick to them!)

                                                                           

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For Info on the Communities of Olympia, Lacey & Tumwater  WA and the real estate to be found here, just call me, text me, email me!  And I'd love for you to subscribe to my blog.

Nancy Conner, City Realty Inc,    360-701-1086     nancy@cityrealtyinc.net      

Comment balloon 4 commentsNancy Conner • December 10 2013 10:52AM

Comments

Four more closings this month between now and December 30th. ( Holidays add a bit of extra fun to the deadlines!)  I keep sending out emails reminding all parties of these critical deadlines. Such an important part of this process. You're a good Realtor Nancy. ( I find myself reminding other agents of these dates way too often)

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) almost 5 years ago
Hurray for more closings to finish out the year Debb! And thank you - recently on a transaction where I represented the seller, the buyer totally missed their inspection contingency deadline. I'm not sure they ever even realized it and the sale did close - but it was kinda shocking. Good thing it was a nicely renovated house that they bought!
Posted by Nancy Conner, Olympia/Thurston County WA almost 5 years ago

I keep a big white board with all the dates for any transactions - Missing a date is unforgiveable as a Realtor. 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) almost 5 years ago
Hi Lise! I use a big white board, too - makes it easy to do a daily quick check for upcoming deadlines at a glance!
Posted by Nancy Conner, Olympia/Thurston County WA almost 5 years ago

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