Now that a contract has been executed and earnest money dropped off, we are officially in the due diligence and inspection time period. During the due diligence and inspection time period, your inspector will conduct the inspection and we will negotiate any inspection issues. In addition, you'll review various disclosures and HOA documents to make sure this property is a good fit for you. It's really important to make sure you understand what all of the deadlines are in the contract and that you meet all of those deadlines, otherwise, you can be in danger of losing your earnest money. If you are unclear what a deadline means or when the deadline is, please ask us.
If we cannot get all of the above completed during the time frame agreed upon in the contract, we can ask for an extension but it's best to get everything done and reviewed on time if possible as the sellers do not have to grant us an extension. In addition, if we miss a deadline and don't ask for an extension in time then there are ramifications such as the contract automatically falls apart, you lose your earnest money, you lose your right to ask for inspection repairs, etc so the deadlines in the contract are very important to follow.
