When purchasing real estate, it is important to remember that the contract governs the transaction. Too often, clients (and sometimes even real estate agents) do not pay enough attention to the details of the contract. The effective date, deposits, inspection periods, etc., are all governed by the contract, with no exceptions unless the buyer and seller agree otherwise. This is especially important when you are taking out a mortgage on the property. Be sure to fully vet your lender ahead of time. Delay by the lender could cause you to miss your deadlines, which could cost you your deposit. The costs could be significant. Speak with your attorney if you have questions about real estate transactions.
-Emily A. Helmick, Esq.