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Complete and remove contingencies

Step 8 - Complete and remove sales contingencies

Once an owner accepts and signs your purchase offer, you must abide by all terms of your contract. Failure to do so may result in a breach of contract, subject to forfeiture of your earnest money deposit and other possible damages. Your first goal will be to remove any inspection and/or finance contingencies within the time period allotted in your contract.

If you want to close by a specific date, hire an efficient attorney that specializes in real estate and immediately begin eliminating your purchase contingencies. Start by prioritizing the contract items you need to complete. If you need a mortgage, take formal application with a lender and make sure to supply the lender with all necessary documentation. Refer to our Mortgage Application Checklist.

Once your financing is approved you will receive a commitment letter from your lender. Carefully review your commitment letter, and sign and return it to your lender with any required documents. You will need to make sure all conditions of your commitment letter are met before you will be allowed to close on your loan.

Listed below are some additional items that may require your attention:

  • Property inspections - Hire a reputable inspection company
  • Mortgage contingency - Select a lender and take a formal mortgage application.
  • Property appraisal - Your lender will hire the appraiser.
  • Mortgage commitment letter - Review and sign the commitment letter, return it to the lender and complete all mortgage and property conditions.
  • Zoning, building permits or certificate of occupancy - Contact the appropriate municipal departments for all necessary approvals.
  • Property survey - Hire a licensed land surveyor, if required.
  • Possession agreement - If required, have your attorney draft an agreement.
  • Repairs and contractor estimates - Obtain estimates by qualified contractors.
  • Environmental impact study - Order a qualified engineering firm to perform an environmental study, if required.
  • Sale of existing residence - Provide proof of sale of your existing property.
  • Obtain funds for closing - Verify funds or obtain a gift letter from a relative.
  • Have the seller remove all personal property and equipment from property that is not included in the sale.
  • Review tenant leases, security deposits and have the current owner evict any delinquent tenants.
  • Perform a final walk through inspection of the property.

To meet your closing objectives, make a list of all contingencies in your contract and set deadline dates for completion. You may also find these links helpful:
Buyer Checklist
Moving Checklist
Helpful Pro Directory

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