Something buyers and sellers of real estate may not be aware of is how important the dates on their contracts are. The dates in a contract are a series of promises the parties are making to one another. These promises essentially make up the contract and, like in life, if a promise is broken- the contract may be at risk.
Dates in a contract dictate the timeline of the transaction. They keep everybody on task, doing their job to reach the end. Escrow is delivered on time, financing is applied for, inspections are done, documents are reviewed, etc. If a party doesn’t perform as promised, and misses a deadline without an addendum extending the timeline, the contract is then in jeopardy. If, for instance, a buyer doesn’t respond to a home inspection within the contract dates, the seller may not agree to requested repairs.
Be aware that different states have different ways of calculating contract dates. Read your contract- when does the effective date start? Does the contract run on business days or calendar days? These are all questions a buyer or seller should know the answers to.
Go out and buy real estate- and mind those dates!