Apartment Purchase Contract: Contingencies, Deadlines and Extensions
On this page
An apartment purchase contract is a list of promises and dates. The dates that matter most are the due diligence period, the financing deadline, the title and survey review and the closing date, because missing one can put your deposit at risk. Align them with your lender and with how long your raise will take, and ask a real estate attorney to review the contract before you sign.
Rules and practices are as of October 2026 and vary by state and contract.
What are the main contingencies?
| Contingency | What it lets you do |
|---|---|
| Due diligence | Inspect, audit leases and review documents, then continue or leave |
| Financing | Leave if you cannot get the loan on the terms in the contract |
| Title and survey | Object to problems and require them to be fixed |
| Other | Possible approvals or seller deliveries listed in the contract |
Contracts differ. Read the exact wording on what counts as a valid notice, how you give it and what you get back if you leave. See earnest money and the letter of intent.
How long should the due diligence period be?
Long enough to finish the work: inspections, a lease audit, title and survey and lender reports. A seller wants it short; you want it realistic. Make a calendar of every task and who is responsible before you agree.
How does the raise fit these dates?
Your investors fund into escrow around the time you need money at closing. If your raise can be delayed, the contract needs enough room, or a deposit may be at risk. Plan the order using the timeline from LOI to first wire, and do not promise investors a closing date you do not control. If the contract is in your name, you may assign it to the deal company; see assigning the contract.
What if I need more time?
Ask early, in writing. Sellers sometimes grant extensions for an additional deposit or a trade. Know the cost before you need it, and note that extensions are negotiated, not guaranteed. If the loan is delayed, see assuming a seller's loan as one possible alternative to explore with the seller and lender.
What happens if I miss a deadline?
It depends on the contract. You may lose a right to leave, your deposit may become non-refundable, or you may be in default. That is why you track each date and send notices in the way the contract requires.
What do I tell investors?
The contract is not closed until it is closed. Say the purchase depends on financing and due diligence, show the key dates and update them if they change. See investor updates.
How DoorRaise fits in
DoorRaise does not write or negotiate purchase contracts. It forms the LLC, prepares the offering documents and runs escrow at Enterprise Bank & Trust with wire-only funding under Reg D. It is for apartment buildings with 5 or more units. Fees are $1,500 to set up (due when you submit the deal, non-refundable), then $5,000 a year from closing (only if the deal closes). See DoorRaise escrow.
FAQ
Can I leave during due diligence and get my deposit back?
Usually, if you follow the contract's notice rules. Read yours with an attorney.
What is a financing contingency?
A clause that lets you leave if you cannot get the loan on the agreed terms by a set date.
Can I extend closing?
Only if the contract allows it or the seller agrees.
Who holds the deposit?
Usually a title company or escrow agent named in the contract.
Sources
This article is general information, not legal advice. Talk to a securities attorney about your deal and about what you must disclose. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.