Before removing contingencies or waiving your objections, be sure you are satisfied with the title, disclosures and other items.

#9: Know when to remove contingencies or waive objections.

In real estate-speak, removing contingencies is the equivalent of pulling the trigger: it's that last chance point of no return. See, your contingency period runs anywhere from 10 days to 3 weeks after you enter into a contract to buy a home; if you live in a contingency state, you have that period to conduct your due diligence and decide either to bail or to seal the deal. If you back out after you remove your contingencies, your deposit money becomes non-refundable and is forfeited to the seller. If you live in an objection state, you have a certain number of days to object to the terms of the deal; if you let that period elapse without making a written repair request or backing out of the deal, your objections are considered waived and the seller can keep your deposit money if you don't close the deal for any reason.

Removing contingencies or waiving objections usually puts thousands of dollars on the line, so it's not a step to be taken lightly. Plus, by removing contingencies or waiving your objections, you are essentially telling the seller that you plan to close the deal -- something you just shouldn't do unless and until you are satisfied with the following items:

• Title. The title search has been completed and revealed nothing your Realtor, mortgage lender or real estate attorney finds objectionable.

• Disclosures and Inspections. You have reviewed all applicable seller and HOA disclosures, plus all the inspection reports, and feel comfortable that you understand the condition of the property. Hopefully you will have attended inspections and spent some time getting comfortable with the property and the neighborhood.

• Condition Issues. You are comfortable taking the property in an "as-is" condition, or you have renegotiated the terms of your purchase with the seller to account for the condition issues revealed by the inspections.

• Appraisal and Underwriting. The home has appraised for at least the purchase price, and your mortgage lender has issued a final loan approval for your purchase of this particular property.

Once you're good to go on all of these items, do a last check-in with your Realtor and mortgage broker -- a final "speak now or forever hold your piece" ultimatum of sorts. Then it's gut-check time: are you ready to commit to this property? If so, and if all of the above items pass muster, then and only then should you consider removing contingencies or waiving your objections. And then and only then can you give your move-out notice to your landlord, pick colors and let your kids pick their rooms!

NEXT: #8: Master the art and science of the house hunt >>

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