--- title: The Loan Application Deadline is Important to Massachusetts Homebuyers description: Massachusetts has two different offer to purchase real estate contracts commonly used by real estate professionals. image: https://info.buyersbrokersonly.com/hubfs/boston%20beacon%20street%20brownstones%20condos%20apartments%20condo%20winter.jpg --- (978) 835-5906             [![Search Icon](https://info.buyersbrokersonly.com/hs-fs/hubfs/Search%20Icon.png?width=30&height=30&name=Search%20Icon.png)](https://info.buyersbrokersonly.com/search-results-page) [![Buyers Brokers Only, LLC – Real Estate Buyer Agents](https://info.buyersbrokersonly.com/hs-fs/hubfs/2023%20BBO%20Logo%20800x170.png?width=1600&height=340&name=2023%20BBO%20Logo%20800x170.png "Buyers Brokers Only, LLC – Real Estate Buyer Agents")](https://www.buyersbrokersonly.com/) # Massachusetts Home Buyer Guide ![smaller-dotted-line.png](https://cdn2.hubspot.net/hub/298849/file-263826832-jpg/true_gray_line_websites.jpg?width=1175&name=true_gray_line_websites.jpg "smaller-dotted-line.png") ## [The Loan Application Deadline is Important to Massachusetts Homebuyers](https://info.buyersbrokersonly.com/blog/what-does-a-loan-application-deadline-mean-for-massachusetts-homebuyers) Nov 24, 2019 8:58:21 PM Massachusetts has two "offer to purchase" real estate forms commonly used by real estate professionals. 1. The Massachusetts Association of Realtors (MAR) Contract to Purchase; and 2. The Greater Boston Real Estate Board (GBREB) Offer to Purchase Real Estate. [![Beacon Street Brownstone Condominiums in the Winter](https://info.buyersbrokersonly.com/hs-fs/hubfs/boston%20beacon%20street%20brownstones%20condos%20apartments%20condo%20winter.jpg?width=450&name=boston%20beacon%20street%20brownstones%20condos%20apartments%20condo%20winter.jpg)](https://info.buyersbrokersonly.com/home-listings)Both offer forms have a mortgage financing contingency that allows the buyer to cancel the transaction and receive their deposit(s) back if the buyer is unable to obtain a mortgage loan commitment by the specified date set forth in the contingency. Also, both forms have a loan application deadline with specific language that states the buyer has to formally apply for a [mortgage loan](https://info.buyersbrokersonly.com/loan) within a certain amount of time from the date of the accepted offer. The following is the Massachusetts Association of Realtors' language about the loan application deadline in its Contract to Purchase: > *In no event shall the BUYER be deemed to have used reasonable efforts to obtain financing unless the BUYER has submitted one application by _______________ and acted reasonably promptly in providing additional information requested by the mortgage lender.* The following is the Greater Boston Real Estate Board's language about the loan application deadline in its Offer to Purchase Real Estate contingency addendum: > *In no event will the BUYER be deemed to have used diligent efforts to obtain such a [loan] commitment unless the BUYER submits a complete mortgage loan application conforming to the foregoing provisions on or before _______________.* As is evident from the excerpts above, each form's loan application deadline language is very similar to the other. Both require the following from Massachusetts homebuyers "under contract" on a home and applying for a mortgage loan. A. Each offer form sets a deadline for the buyer to formally apply for a mortgage loan. B. Though MAR's form is more specific, both contracts require the buyer to apply for a mortgage loan with at least one mortgage lender. C. Both forms require the buyer to not just apply for a mortgage loan, but also timely provide any documents/forms the lender may request during the loan application and underwriting process. Additionally, the standard form [purchase and sale agreements](https://info.buyersbrokersonly.com/blog/bid/183208/massachusetts-purchase-and-sale-agreement-p-s-anything-but-standard) for both MAR and GBREB incorporate the same language into each respective mortgage financing contingency provision. Very often, no matter what purchase and sale agreement form a buyer agent uses, a seller's [real estate lawyer](https://info.buyersbrokersonly.com/find-a-real-estate-lawyer) is going to include a "rider" to the purchase and sale agreement. The rider is also going to specify that a buyer must (a) apply for a loan with at least one mortgage lender and (b) diligently respond to any requests that lender makes as part of the mortgage loan application process. Failure of a buyer to complete at least one mortgage loan application by the loan application deadline and/or timely respond to requests by the lender could jeopardize the buyer's ability to receive the refund of his or her [deposit(s)](https://www.buyersbrokersonly.com/buying/massachusetts-home-purchase-deposit-versus-down-payment), if the buyer is unable to obtain a [mortgage financing loan commitment](https://info.buyersbrokersonly.com/blog/loan-committment-date-critical-for-massachusetts-home-buyers) by his or her lender by the deadline in the offer or purchase and sale agreement. [![103 Home-buying Terms Home Buyers Should Now. 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