Default deadlines if left blank
| Contract item | Default if left blank | Lender-side reality |
|---|---|---|
| Loan application | 5 days after Effective Date | Apply in the first day or two. The Loan Estimate is due within 3 business days of application. |
| Inspection Period (AS IS contract) | 15 days after Effective Date | Get insurance quotes now. Insurance can change qualification. |
| Loan Approval Period | 30 days after Effective Date | Must include the lender receiving a satisfactory appraisal, not only a credit decision. |
| Loan term | 30 years | Confirm the program and term the buyer actually wants. |
| Interest rate cap | Prevailing rate based on the buyer’s creditworthiness | Rate locks should be timed with the closing date. |
Days are calendar days. Defaults come from the current Florida Realtors/Florida Bar residential contract forms; confirm against the revision your brokerage uses.
Written notices that protect the deposit
- If the buyer gets Loan Approval within the Loan Approval Period, the buyer notifies the seller in writing.
- If the buyer cannot get Loan Approval in time, the buyer must give written notice before the period ends to cancel and protect the deposit.
- Silence has consequences. If the period ends with no notice, the contract terms decide what happens next, and the deposit may be at risk.
Put the Loan Approval Period deadline on your calendar the day the contract is signed, and ask the lender for a status update at least five days before it.
What the lender is doing each week
- Days 1–5: Application, disclosures, appraisal ordered, intent to proceed, documents requested.
- Days 5–15: Appraisal inspection, title work and insurance binder requested, condo or HOA questionnaire if needed.
- Days 15–25: Underwriting review, conditions issued and cleared.
- By day 30: Conditional approval with a satisfactory appraisal, in time for the buyer’s written notice.
- At least 3 business days before closing: The buyer receives the Closing Disclosure.
Timelines vary by program and property. Condos, new construction, self-employed borrowers and assistance programs often need a longer Loan Approval Period. Ask the lender before you write the offer.
Setting realistic dates
- Match the Loan Approval Period to the file, not the default. A standard W-2 conventional purchase is different from a condo or bank-statement loan.
- Schedule the closing date with enough time after the Loan Approval Period for final conditions and the Closing Disclosure.
- If a deadline is at risk, ask for an extension in writing before it passes.
Download the contract-to-close checklist (PDF) · Appraisal gap guide
Common questions
Is a preapproval the same as Loan Approval under the contract?
No. Loan Approval in the contract means approval of the specific loan for the property, including a satisfactory appraisal. A preapproval is an earlier, conditional review of the buyer.
Who should send the written notice?
The buyer, usually through their agent, as the contract specifies. The lender can provide status, but the notice is the buyer’s obligation.
Can the Loan Approval Period be shorter than 30 days?
Yes, the parties can negotiate it. Ask the lender what is realistic for the file before shortening it in a competitive offer.
Sources and editorial information
Published by The Rice Financial Group. Editorial update: November 10, 2026. How we prepare our resources.
- Florida Realtors: Financing contingency defined terms
- Florida Realtors: Analyzing the financing contingency, part 1
- Florida Realtors: FR/Bar contract and rider updates (2021)
- Lowndes: Florida As-Is contract series, offer expiration and closing timeline
- CFPB: Loan Estimate explainer
- CFPB: Closing Disclosure explainer
Educational information, not an approval, rate quote or commitment to lend. Program rules, pricing and availability can change. Confirm the requirements for your borrower, property and transaction with the mortgage team.
Make the information personal.
Tell us what you are planning and where you need clarity. You do not need to be ready to apply to ask a question.
Check a contract timeline