What is this 17 day contingency period that agents seem to throw out to their buyers and sellers?
The contingency removal date is the date defined in the offer when the buyer will remove contingencies and commit to a firm intent to close escrow.
Standard real estate contingencies typically include the right to review title, inspect the property and review the seller’s disclosure packet.
When a buyer and seller agree on an offer, the buyer effectively has an option to purchase the property, subject to their satisfaction of various contingencies. Once the buyer removes contingencies through the delivery of a contingency removal form in the option turns into a binding commitment.
I’ve prepared a simple video explaining the process in a little more detail.
You can check it out HERE
the option turns into a binding commitment.