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August 22, 2017 • Stay Connected!
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QUESTION:   Our timelines to negotiate the 35R go past the closing date. Does the closing date date automatically extend until 35R is agreed upon?



ANSWER:  No. The closing date is the final performance date of the purchase agreement. If the purchase agreement is not closed by the closing date, the purchase agreement expires. Buyer's inspection contingency is necessarily curtailed by the closing date. Seemingly, buyer could terminate the purchase agreement at any time until the agreement is closed, based on the inspection contingency. But, buyer is not entitled to the full term of the inspection contingency if the closing date precedes the end of the inspection contingency.

 

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit www.warealtor.org. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org . Please tell us your NRDS number when you e-mail the Hotline with your question.



Recent Legal Hotline Articles From RE Magazine

 

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Buyers Want Bigger Yards Over Bigger Homes
(Source:  REALTOR Mag)  A property that offers a great outdoor space is taking a higher priority among home buyers. In fact, home shoppers recently surveyed said they would be willing to sacrifice some space from a larger house in order to get a bigger yard.  [Read more...]
 

 
 
Are Open Floor Plans Losing Appeal?
(Source:  REALTOR Mag)  Open floor plans, which typically combine the kitchen, living room, and dining room in one large, open area, have dominated home design trends in recent years. But now, buyers may be starting to shun this type of layout, The Wall Street Journal reports.  [Read more...]
 

 
 
As Home Prices Keep Climbing,
Here’s What You Need to Know
(Source:  realtor.com)  Prices are continuing their steady climb because there simply aren't enough homes on the market to go around. As the economy has improved, more people who held off on becoming homeowners or trading up to bigger, better abodes are getting into the market. A recent realtor.com® survey uncovers the "why" behind the housing inventory shortage.  [Read more...]
 

 
 
New Program to Help Buyers Bypass Appraisals
(Source: REALTORMag) Mortgage giant Freddie Mac has announced a new program allowing some home buyers to skip a traditional appraisal, which could lower the fees the buyers pay and speed up the closing process. [Read more...
 

 
 
How Sellers’ Needs Differ By Generation
(Source: REALTOR Mag) The factors involved in helping empty nest baby boomers sell their longtime family home are quite different from assisting millennials moving out of their starter home. They may desire different marketing tactics, channels of communication, or types of statistics and information, according to Andrey Nokhrin, founder and CEO of Flipt, a predictive technology firm.  [Read more...
 

 
 
Primary Mortgage Rates Survey
(updated every Thursday)

Compilation of Weekly Survey Data for 2017 from FreddieMac

 
 
 
 
 
 

 
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Date Class Location CE  
25-Aug Current Issues in WA Residential RE Bellingham 3.5 More info...
25-Aug NAR Code of Ethics Bellingham 4.0 More info...
28-Aug Current Issues in WA Residential RE Tacoma 3.5 More info...
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31-Aug To Disclose or Not to Disclose Walla Walla 3.5 More info...
01-Sep Current Issues in WA Residential RE Lewiston, ID 3.5 More info...
01-Sep To Disclose or Not to Disclose Lewiston, ID 3.5 More info...
08-Sep Global Real Estate Local Market Vancouver 7.5 More info...
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