Buyer Contract Deadlines
Here are some important contract deadlines for buyers purchasing a home in Coronado, CA or greater San Diego. Please keep in mind, these are standard timeframes and may vary depending on each individual contract. Your agent will advise you on all deadlines.
3 Days after Acceptance of Offer
- Buyer’s deposit (usually between 1.5 and 3% of the purchase price) to be submitted to escrow within 3 business days after acceptance via check or wire transfer.
7 Days after Acceptance of Offer
- New Loan Approval – with 7 days after acceptance Buyer shall provide Seller a pre-qualification letter from lender;
- Verification of Down Payment and Closing Costs – 7 days after acceptance Buyer shall provide Seller with written verification of Buyer’s Down Payment and Closing Costs;
- Seller has 7 days after acceptance to provide Buyer all reports, disclosures and information for which he is responsible;
17 days after Acceptance of Offer
- Buyer has 17 days to complete all investigations; read and approve disclosures, reports etc.; and approve all matters affecting the Property (includes insurability of Buyer and property). Buyer has to sign and return all disclosures etc. from Seller at the end of the 17 day period.
- Buyer has 17 days to request any repairs: seller is not obligated to respond to Buyer’s requests;
- At the end of 17 days, Buyer to remove all contingencies: loan, appraisal. Basically, buyer has 17 days to decide to go through with the offer.
Please keep in mind, your agent will keep you informed of all time frames and keep you on track. Not working with an agent? Contact us for a free buyer’s consultation.
Interested in Buying a Home in Coronado or Greater San Diego?
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