What deal can be done without the 90 day waiting period, when buying a property?

  • June 22 2012 - Lithonia
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Answers (4)

Profile picture for Ofe Polack
I guess it depends on the state.  For instance in NH if you are buying cash, you can close as soon as the title company has done the title search and is read for closing.  I have had closings in 7 days.  Most of the contingencies for closing dates become part of the offer, most lenders ask for a minimum of 6-weeks.
  • June 23 2012
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good answers but I should have said in Georgia,what are the laws?
  • June 23 2012
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As a demonstration of Marilyn's point, here in Florida we have no "waiting period."  Individual contracts have contingencies built into them to protect the buyer and all of these are at the buyer's option.  Typical contingencies are 15 days to undertake any desired inspections and 30-45 days to secure a financing commitment.  But a cash buyer who doesn't have to wait for funding can close in a week here too.
  • June 23 2012
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Dear VincentRinger,

The answer to your question is directly related to the laws of your state and/or country.  In Texas, a waiting period is generally called the "option period" and the length of this period is negotiable - you don't even have to include an option period in the contract, but it does benefit the buyer. The purpose of the option period is to allow the buyer to perform any inspections or surveys that could effect the purchase.  For a set amount of $$, you buy a pre-determined period of time in which you can back out of a contract for any reason.  If you can pay cash, deals can be closed very quickly, sometimes even in a week!

  • June 22 2012
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