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The contingent period usually lasts anywhere from 30 to 60 days. If you have a mortgage contingency, the buyers due date is usually about a week before closing. Overall, a home stays in contingent status for the specified period or until the contingencies are met and the buyer closes on their new house.
What happens if a buyer doesnt have a realtor?
Depending on your state laws, the buyer doesnt necessarily have to have a realtor. But if you choose not to have a realtor, then you DEFINITELY need a real estate attorney to protect your rights and the legality of any contract or agreement.
How long does it take to close on a house without a realtor?
Closing on a house can typically take 30 60 days. The average time to close varies based on loan type and the state of the housing market, but the variation is relatively small.
Can you close on a house without an agent?
It takes a lot of time, work and research to manage a home purchase on your own. Without an experts knowledge of fair market values in your area, you might unknowingly overpay. Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.
What is the timeline for a contingency?
The specific terms, like the duration and conditions of the mortgage contingency, are negotiable and vary depending on the agreement between the buyer and seller. The contingent period usually lasts between 30 to 60 days from the date you signed the purchase agreement.
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People also ask
What is the fastest you can close on a house?
Legally speaking, it depends on where you live. Some states (and in some cases, certain regions within states) require that an attorney prepare certain legal documents or oversee the closing of a home sale. You might need to do a little digging to find the requirements in your area.
Related links
CONVEYANCING AND MODERN LAND TRANSACTIONS
Aug 16, 2024 If the financing date has arrived and a commitment has not yet been obtained, buyers counsel should request an extension of the contingency
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