Push for the shortest possible financing contingency window - typically 30-45 days from contract. Require the buyer to apply for their mortgage within 5 business days of contract execution and provide weekly status updates from their lender. Include a contractual right to issue a time-of-the-essence notice if the financing deadline passes without a commitment letter. Tight timelines and clear consequences prevent indefinite delays.
This article provides general educational information only. It is not legal, tax, financial, insurance, compliance, housing, brokerage, or professional advice. Rules, tax rates, obligations, enforcement practices, and market conditions vary by property, building, contract, municipality, and jurisdiction, and they change. Sellers should consult a qualified attorney, CPA, or other appropriate professional before making decisions based on their specific situation.
From the seller playbook: Contingency Risk Modeling
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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