5 Calendar Dates You Need to Know When Buying a Property
Here are 5 dates you need to know when buying a property:
1. Due Diligence is the date you have negotiated in your contract to complete all inspections so use this time to get a reputable company to come in a inspect the home from roof to foundation. This is also the time for you to inspect the neighborhood and make sure that you are familiar with all the neighborhood conditions that could affect the property such as landfills, quarries, power lines, schools, crime, etc.
2. Earnest Money is the date your deposit is due to be delivered to the agreed upon "holder".
3. Financing Contingency is the deadline you have to complete your financing and receive your full approval.
4. Appraisal Contingency is the deadline you and your lender have to complete the necessary appraisal needed for financing.
5. Closing Date is the end of a successful transaction. This is the day you gain ownership of your new home.
All of these dates are extremely important and missing any of these dates put your contract and deposit in jeopardy.