real estate law

| December 14, 2015

If a buyer doesn’t remove contingencies on the specified date in writing, are they automatically removed?

The contract says “Loan Contingency Removal. Within 21 days after acceptance, Buyer shall, as specified in paragraph 14, in writing, remove loan contingency or cancel this agreement.” Does that mean that if they don’t remove the loan contingency or cancel the agreement, they are in default and I keep their deposit? Or does it mean they can cancel the agreement at any time after the 21 days has passed?

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Category: Law

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