Dates and Deadlines in Your Real Estate Contract
f it’s one thing real estate transactions are known for – it’s the mountain of paperwork and action items that have to be checked off. Real estate contracts aren’t the easiest to understand and if you’ve never dealt with them before it can be overwhelming. However, it’s critical you have a basic understanding of your real estate contract, so you don’t get hosed when the home changes hands.
Most dates and deadlines in your real estate contract will be laid out by your real estate agent, but it’s important for buyers to know what they’re getting into too. Let’s learn important dates and deadlines in your real estate contract so you can complete your real estate purchase with minimal headaches.
35 Important Dates and Deadlines in Your Real Estate Contract
Note: Not all these dates and deadlines apply to every real estate contract. You need to work directly with your agent to determine which apply to you and why.
- Record Title Deadline – Closing companies generally take 5-10 days from date of offer to produce title commitments.
- Record Title Objection Deadline – 5-7 days after title deadline to allow buyer to review documents.
- Off Record Title Deadline – Most often same as record title deadline. Seller must disclose unrecorded matters before this deadline.
- Off Record Title Objection Deadline – 5-7 days after title deadline for buyer to object. Generally same as record title objection deadline.
- Title Resolution Deadline – All title deadlines and issues must be fixed by this date. The title resolution deadline can run all the way to closing.
- Alternative Earnest Money Deadline – 3-5 days after offer acceptance. Only applies if not sending earnest money with the offer.
- Right of Refusal First Deadline – Different from 24-hour refusal deadline. Generally applies when an HOA or covenant retains final rights to approve the real estate contract.
- Association Documents Deadline – Time when seller must get proper HOA documents to buyer. Buyers need to watch this deadline as HOAs can move slowly.
- Association Documents Objection Deadline – Generally due 5-7 days after association documents deadline. Allows buyer to review and communicate with HOA.
- Seller’s Property Disclosure Deadline – Should be provided prior to singing of the real estate contract.
- Loan Application Deadline – Due 5-10 days from offer date but this deadline can range widely based on buyer’s mortgage approval.
- Loan Association Objection Deadline – Generally 5-7 days before closing. Allows time for lender and closing company to match their numbers.
- Buyer’s Credit Info Deadline – 10-14 days from date of offer. Buyer needs to turn over proper credit info.
- Disapproval of Buyer’s Credit Info Deadline – Takes place 3-7 days after buyer’s credit info deadline. Gives seller a chance to decline an offer based on buyer’s information.
- Existing Loan Documents Deadline – 3-5 days after offer is accepted where seller provides all loan documents to buyer. Only applies to assumption sales.
- Existing Loan Documents Objection Deadline – 5-7 days after loan documents deadline. Gives buyer time to review seller’s loan documents. Only applies to assumption sales.
- Loan Transfer Approval Deadline – Should occur 7 days prior to closing. Only applies to assumption sales.
- Seller / Private Financing Deadline – Only applies if any part of transaction includes seller or private financing. On this date buyer must decide if seller or private financing is acceptable.
- Appraisal Deadline – Generally due 3-5 days before loan conditions deadline.
- Appraisal Objection Deadline – When appraisal and sale price don’t match. Buyer can offer more or less depending on objections or terminate the real estate contract.
- Current Survey Deadline – Can vary based on individual property and buyer needs. In most cases due 10-14 days after loan acceptance.
- Current Survey Objection Deadline – Due 2-5 days after current survey. Allows buyer to review current survey.
- Current Survey Resolution Deadline – If current survey objections are not resolved by current survey resolution deadline the contract is terminated.
- Inspection Objection Deadline – Due 10-15 days after offer accepted.
- Inspection Resolution Deadline – 3-5 days after inspection objection deadline. Time provided for seller to resolve inspection issues.
- Property Insurance Objection Deadline – Only condition that automatically jumps to an objection deadline. If buyer cannot find agreeable insurance, contract is terminated.
- Due Diligence Documents Delivery Deadline –Seller must provide applicable due diligence documents 10-14 days after offer is accepted.
- Due Diligence Documents Objection Deadline – Gives buyer 5-7 days to review and object.
- Due Diligence Documents Resolution Deadline – Buyer and seller must agree to solutions to issues found during due diligence or contract is terminated.
- Condition Sale Deadline – Buyer may terminate contract if their conditional sale is not met by this time.
- Closing Date – Agreed on by both buyer and seller.
- Possession Date – When buyer takes possession of home. Often same as closing date.
- Possession Time – Time of day when home officially changes hands on possession date.
- Acceptance Deadline Date – Seller must meet with listing agent to accept offer or counter. Generally, 24-48 hours after final acceptance.
- Acceptance Deadline Time – Time of day for closing agreed on by buyer and seller.
Questions about dates and deadlines? Contact The Meissner Group.
We realize 35 different deadlines is a lot to swallow, but they’re much easier to handle if you have a great real estate agent on your side. Hire a great real estate team like The Maeissner Group and follow this list to simplify your real estate transaction where possible. Before you know it, you’ll be done with paperwork and enjoying life in your new home.