instalove

Once we find a buyer for our home, is it safe for us to move out?

After reviewing the buyer's purchase agreement, you will most likely find that the buyer's purchase contingencies will all be removed by day 21 of the escrow period.

After all, contingencies are removed, it is fairly safe to start moving out.

I say fairly safe because a buyer could still back out of the deal after their contingencies are removed.

Most buyers don't do that because if the contingencies are removed, you as the seller can go after the buyer's deposit.

The buyer's deposit is usually 3% of the purchase price.

So if the home is $1,000,000 the deposit is $30,000.

Most buyers would continue with the purchase rather than lose $30K... but you never know.

In my opinion, it's reasonably safe to start moving out once all contingencies are removed.