Both buyer and seller should
be aware of all of the deadlines in their purchase agreement. Each contract is
different, but there are usually time limits covering the structural
contingency, the financing application, the loan commitment, and the closing.
If you are careless, you could lose your right to
ask a seller to pay for needed repairs. There may be a limit on the time the
seller has to respond to the buyer's request to complete repairs that are not
required by the contract. Failure to apply for your mortgage on time may place
your deposit at risk if the loan is denied. In many cases, the agreement can be
declared null and void by the seller if financing is not approved within the
time frame set forth in the contract. A delayed closing can cost the sellers
money, and they may ask the buyer to reimburse these expenses.