How Long Does The Buyer Have to Submit the Board Package After Signing the Purchase Contract?

Chris at Hauseit® (https://www.hauseit.com) explains how much time a home buyer has to submit the condo or co-op purchase application after signing the contract. Is there a legally binding timeline for the buyer to submit the board package in good faith?

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How long does the buyer have to submit the board application after signing the purchase contract? This is a great question. So the standard purchase contract for example in New York will oftentimes outline exactly how many days the buyer has to submit the purchase application in good faith after contract signing.

For example in New York the standard purchase contract states that 10 days after the delivery date, which is essentially the contract execution date, is the deadline for the buyer to submit the building's purchase application.

If the buyer is financing then the standard purchase contract typically states that it must be submitted three days after the earlier of the loan commitment date or the receipt of the loan commitment letter. So the loan commitment date is oftentimes the date that the mortgage contingency expires and the loan commitment letter is of course a much more solid offer of financing from the bank after much of the underwriting has already been completed. So typically that will be required as part of the board application if you are financing.

So three days after the receipt of that you would be required as the buyer to submit the purchase application in good faith.
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Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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