The California Association of REALTORS Purchase Agreement requires loan contingency to be removed in how many days?

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Multiple Choice

The California Association of REALTORS Purchase Agreement requires loan contingency to be removed in how many days?

The loan contingency must be removed within 17 days after acceptance in the standard California Association of REALTORS Purchase Agreement. This 17-day window is a default period built into the form to give the buyer a concrete timeframe to apply for and secure financing while keeping the transaction moving. It’s not set by a statute; it’s a contract provision that can be shortened or lengthened only if the parties add an amendment or otherwise agree to a different deadline. If the loan contingency isn’t removed by that date, the contingency remains in effect, and the contract handling (including possibilities to extend or terminate) follows the terms laid out in the agreement.

The loan contingency must be removed within 17 days after acceptance in the standard California Association of REALTORS Purchase Agreement. This 17-day window is a default period built into the form to give the buyer a concrete timeframe to apply for and secure financing while keeping the transaction moving. It’s not set by a statute; it’s a contract provision that can be shortened or lengthened only if the parties add an amendment or otherwise agree to a different deadline. If the loan contingency isn’t removed by that date, the contingency remains in effect, and the contract handling (including possibilities to extend or terminate) follows the terms laid out in the agreement.

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