WHAT TO EXPECT
Once all parties have executed the Agreement of Sale, the home is now considered to be under contract pending contingencies. Most home sales have a minimum of two different contingency periods, the inspection and a mortgage contingency. These contingencies have specific time frames in which they must be completed to uphold your obligations as part of the Agreement of Sale. You should confirm with your PPM Realty Buyers Agent the specific dates that need to be met as part of the agreement. Below are the 2 most common sale contingencies.
Inspection Contingency: The inspection contingency provides you with a timeframe to have the property inspected and to ensure that it is in an acceptable condition.
Mortgage Contingency: The mortgage contingency allows you a specific period of time for you to obtain a written approval and mortgage commitment from your lender. Once under agreement your lender will provide you with the paperwork and documents necessary in order for them to issue you a mortgage commitment.
Your PPM Realty Buyers Agent will provide you with our Home Buyers Checklist of contract specific dates and requirements (included in your PPM Realty Home Buyer's Guide) to help you navigate the purchase process.