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Of utmost importance when reviewing contracts is to fully understand the real estate transaction. Each transaction is unique as is each clients’ needs and concerns. Many times the time frame for closing is very important in order to coordinate a start date for a job or for children to begin school. A contract is more than a legal agreement since peoples lives are very much affected by the dates contained therein.
Another good example is the current homebuyer tax credit deadlines. The contract must clearly state that the closing will take place by the deadline. Currently this deadline is June 30th, however Congress is close to approving an extension of this deadline, which will likely be for 90 days.
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