The inspections Inspections should be done within seven (7-10) days of the accepted offer. Remember that the date included in the offer is the deadline by which you must put in writing any objection, request for adjustment, or rejection of the property. If the date passes without anything in writing from you, it is assumed that all inspection contingencies are satisfied. Your earnest money deposit may be retained by the Seller if you do not meet these deadlines or fail to close. The Purchase and Sale agreement The Purchase and Sale Agreement formalizes in more detail the original Offer to Purchase. It expands upon what has already been agreed, without changing the original terms unless both parties agree. It is usually drafted by either attorneys for the Buyer and Seller. The date for signing a Purchase and Sale Agreement is customarily 10-14 days after the acceptance of the Offer. Normally, when the Purchase and Sale Agreement is signed, the last remaining contingency is the mortgage contingency. Remember, this is when the balance of your remaining (5% or 10%) deposit is due. This timeline represents approximately 30-45 days.
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