The mortgage commitment deadline is the contractual date by which the buyer must obtain formal lender approval. If missed, you may have the right to cancel the contract and retain the deposit - depending on your contract's mortgage contingency language. Without this deadline, a buyer's financing can drift indefinitely while you remain off-market. Set it at 30 days post-contract and enforce it through your attorney.
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: Financing Timeline Compression
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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