From the course: Real Estate Contracts
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Remember the important details
From the course: Real Estate Contracts
Remember the important details
- [Instructor] Important contract details to consider. Remember, the devil is in the details. Pay attention to deadlines. Time is of the essence in real estate transactions, which means you need to abide by the dates and times spelled out in the various sections. Missing contract deadlines brings consequences. You always have the opportunity to extend a contract deadline with an addendum. Just remember that both parties must agree and sign the addendum to make it a valid part of the contract. Otherwise, you are out of contract and risk losing the deal. Here are two specific contract deadlines to take note of. Number one, the end of your inspection contingency period. This is the date that you entered in section eight. And according to the contract, the deadline is 5:00 p.m. on that date. If you miss this deadline, you are agreeing to accept the property in its current condition at your original contract price. As an…
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