In California, Contingencies Stay Active Until The Buyer or Seller Removes Them in Writing.

California is an active contingency state. What does that mean? If you’re selling your house or buying a house, there are certain contingencies on your contract that you must meet by certain deadline in order for the sale to go through. For example, you’re a buyer and you’re buying a house, and you have a loan. And your loan contingency deadline is December 1. Let’s say December 2 comes, but your loan is not ready. That doesn’t mean your loan contingency has expired, because in California, you actually have to physically sign a form that says, I am removing my contingency, so it doesn’t automatically expire. So when you’re selling buy, you need to understand what are your contingencies and your deadline and what are the risks of removing it. And what are the risks of not removing it. Contingencies are very crucial. So, if you like to find out more, please feel free to give me.

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Shirin Rezania Ramos | 858.345.0685 | | Compass, DRE 0203379

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