When you are buying a house or selling a home, it’s really important that you pay attention to the dates that are written into the contract at three specific points. These are checkpoints throughout the contract time that you need to pay attention to and make sure you are on track for or it could cost you a lot of money or even the house.
Expiration of Offer
So the first date that is on a contract that is really important to look at is actually the expiration of offer date. When someone submits an offer on a property, this is the amount of time the buyers are giving to the seller to either accept, reject, or submit a counter-offer back. The amount of time given by the buyer can be set to any amount of time. It could be 8-24 hours, 4 days, 8 days, or however long they thing is right.
If the property is a new listing that the buyers feel will not last long on the market, they will normally place a shorter time on the expiration of offer to try and get a response from the sellers before other offers come in. On the sellers side, if they feel they are getting a lot of traffic right off the bat on their new listing, and think they may receive multiple offers, they will many times counter back on the expiration asking the buyers to give them more time to make a decision, in hopes of another offer being submitted by another buyer.
It is crucial though for both parties to pay attention to the expiration of offers segment in the contract so that they do not allow an offer to expire without responding and losing the opportunity to either sell or purchase the home they are interested in. If the offer expires without it being excepted by both sides within the time period stated in the contract, you could definitely lose out on the home or selling it.
The second date that is really important to look at in an offer is the closing date. This is the date that is written into the contract that states on this date or within the certain period of time for the extension we are going to close and record on this property. If you are selling a property it is important because you want to know when am I going to get my money. If you are buying a property, it’s important to you as well because you want to know when can I take ownership of this new house and make it my own.
Now there is also going to be that extension put into the contract that is A number of days after a specified date in which the contract needs to close. This extension is put into offers as a failsafe in case there is a delay with the financing, an unforeseen weather occurrence, a medical emergency etc. The number of days for the extension is counted in business days in the state of South Carolina not just calendar days. If the property has not closed and recorded by the contract date and number of days in the extension, then both parties must agree to an extension on the contract to close at a later date.
The third date that is really important to pay attention to when you are buying or selling a house is the inspection date. In the contract there is going to be date written in there that is going to say all inspections are going to be done by this time. Some contracts specify a actual day of the month, others simply say that all inspections must be completed within a certain number of days of contract acceptance.
As a buyer, it’s important to you that you get in touch with your home inspector and get that scheduled before that date goes past. Technically, if you do not complete all inspections within the specified time and the seller does not agree to it and extension period, you Have forfeited your rights to inspections.
If you are the seller, there is also a spot in that same section of the inspection part of the contract that talks about the date that once you receive the list of request of repairs that you have to figure out whether you are going to do them or not and respond back to the buyer during that time.
So these are three main dates that when you are writing a contract you want to pay attention to when buying or selling a home. If you have any questions related to this topic or anything else regarding buying or selling a home in Minnesota
do not hesitate to contact me.
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