Real Estate Agents - contract 5-days period

Author

contract 5-days period

fad_shen@hotmail.com

2006-07-25, 3:25 am

Dear All,

I have recntly signed a contract to buy a house. I was wondering how
does the 5-days condition for financing work. Am I right in thinking
that if at the end of the 5-days financing period I don't contact the
seller .. the contract is cancelled? Or is it the opposite, i.e. I
have to contact them otherwise the deal is still valid.

Many thanks,

Fady

The Shadow

2006-07-25, 3:25 am

usually a financing period is how long u have to get financing usually
30-90 days. I have not heard of 5 days except for all cash sales.

fad_shen@hotmail.com wrote:
> Dear All,
>
> I have recntly signed a contract to buy a house. I was wondering how
> does the 5-days condition for financing work. Am I right in thinking
> that if at the end of the 5-days financing period I don't contact the
> seller .. the contract is cancelled? Or is it the opposite, i.e. I
> have to contact them otherwise the deal is still valid.
>
> Many thanks,
>
> Fady
>

Phonedude

2006-07-25, 9:25 am

<fad_shen@hotmail.com> wrote in message
news:1153799216.910796.101160@m73g2000cwd.googlegroups.com...
> Dear All,
>
> I have recntly signed a contract to buy a house. I was wondering how
> does the 5-days condition for financing work. Am I right in thinking
> that if at the end of the 5-days financing period I don't contact the
> seller .. the contract is cancelled? Or is it the opposite, i.e. I
> have to contact them otherwise the deal is still valid.

Read the . . . contract. All the answers are there secretly hidden in the
text. Outside of that contract, unless your state has specific laws
concerning financing periods, which I doubt, there is nothing that would
affect it. I haven't seen your contract, but I would be willing to bet that
if you don't contact the seller you will be held to the terms of the
contract.

PD

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