But what happens if the contingency removal date you agreed to in the California residential purchase agreement passes and the buyer hasn't submitted their removal form yet? Read on to learn!
When the buyer doesn't remove contingencies by the contingency removal date, you have two options as the seller:
- Do nothing and see what happens;
- Serve a Notice to Perform.
This post explains in detail when to use the notice to perform and when not to use it. It can be a challenging decision for you as the seller because breaking escrow and starting over is not ideal. In these circumstances, you are often faced with two competing bad options.
If you provide us more details on your particular situation, we can advise as to what option we think is best for you.
Generally, we advise that you give the buyer a little bit of time, but don't let timelines extend indefinitely. The most common reason to give the buyer extra time is when the buyer is having struggles related to a loan. Delays related to loans are very common, and more often than not, the buyer ultimately closes.