The mortgage contingency deadline is the date by which the buyer must obtain a formal commitment letter from their lender. Set it at 30-45 days with a firm expiration and no automatic extensions. After the deadline passes, the buyer either has financing or loses their right to cancel based on mortgage denial. Without a firm deadline, buyers can delay indefinitely while your property sits off-market.
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.
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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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