Financing Contingencies and What You Need to Know in 2022

Financing Contingencies and What You Need to Know in 2022

Financing Contingencies are for the protection of YOU! If for some reason you are not approved for the loan on the house within the contingency date, you will get your deposit back. There are financial risks: For example, waiving a financing contingency may deny you the help of a financier in the purchase of your home.

The deadline to get your deposit back under the Financing Contingency is 7 days before closing.

What is Earnest Money?

Earnest money is a down payment on a property, placed when a buyer submits an offer to a seller. This payment serves as a commitment to purchasing the property.

Earnest money is not mandatory, but it certainly helps.

These can be two of the most confusing bumps in the road during a real estate transaction, so you want to make sure you have a clear understanding. At Dalton Wade we believe that today’s buyers and sellers need a trusted resource that can guide them through the complex world of real estate. With our extensive knowledge and commitment to providing only the best and most timely information to our clients and agents, we are your go-to source for real estate industry insight and advice. Contact us today to learn more!

What is a LOI? Letter of Intent

A Letter of Intent is a term sheet that initiates the process of an offer from a buyer to the seller.

The main points that are typically included in a letter of intent include:

Overview Transaction
The Timeline
Due diligence
Confidentiality
Exclusivity

Thinking about buying or selling a home? You’ve come to the right place! Allow Dalton Wade Real Estate group to be your guide – find an agent ready to assist you, learn about communities and neighborhoods, search for all Florida Real Estate listings, while providing you with an exceptional experience – search www.daltonwade.com