Loan Contingency Removal

Loan contingency removal is the process of eliminating a condition in a real estate contract that allows a buyer to withdraw if they cannot secure financing. When the loan contingency is removed, the buyer is signaling they have obtained mortgage approval or are confident in their ability to finance the purchase, effectively waiving their right to back out based on financing issues. 

Loan management software can assist by automating notifications, managing related documents, and generating reports to streamline the process and ensure the timely removal of contingencies.