Contingency Removal
A form used by buyers to remove contingencies (inspection, appraisal, loan) from the purchase agreement, signaling increased commitment to complete the transaction.
When Its Used
Used when a contingency period expires and the buyer wishes to proceed, or when the buyer is satisfied with their investigations and ready to waive protections.
Key Sections
Specific contingencies being removed; Acknowledgment that removal is irrevocable; Date of removal; Effect on deposit at-risk status
Common Mistakes
Removing contingencies before buyer is truly ready; Not tracking contingency deadlines accurately; Removing wrong contingencies; Missing signatures
Pro Tip
Create a contingency calendar at contract acceptance. Send reminders to buyers 3-5 days before deadlines. Document the buyer's informed decision to remove contingencies.
