Time Of Acceptance & Closing Date

Finishing off the first page of the "As Is" Contract we have the time of acceptance and on the lower part of the first page and top of the second page we have the closing date. Fist lets cover the time of acceptance. The time of acceptance is the date which the buyer gives the seller letting the seller know how long the offer is good for. Normally this is one or two days in Tampa but can vary in certain situations. Occasionally the seller will dictate when they will be choosing from offers they have received.

Closing On A House

The time of acceptance ends at midnight on the date specified. The buyer can cancel their offer early. This is done by communicating with the seller or seller's agent in writing that the offer is withdrawn. This must be before the seller has notified the buyer in writing that the offer has been signed and accepted. Once the latter has happened then the contract is in force and binding.

Types Of Title

Occasionally a seller will check the counter offer box on the contract. Usually when this happens the seller has changed the terms of the original offer and signed it. This is a counter offer which is usually good for two days. Most of the time counter offers are done by emails between the two realtors. If the counter offer box is checked the seller is basically finalizing the terms which are acceptable to them. If the buyer initials/signs off on that change the contract is in force.

The Effective Date

The effective date is a term you will hopefully hear used by your realtor very soon. The effective date is the date that the offer has been fully singed by both parties and both parties are in possession of the fully signed agreement. For example (I am not an attorney) if the buyer is notified that the seller has signed the offer on Saturday but does not receive a fully signed contract till Monday then Monday is the effective date. See section 3.(b) for the full legal explanation.

Closing Date

This is an interesting portion of the contract. It can be a valuable tool if used properly. It can also cause you unnecessary work and hassle if it is not. I always suggest or offer to place "Or before" right beside the closing date. Not everyone does it and that is fine. However, the seller can perform their closing as soon as title is ready for them to. The buyer can simply close on or before that date at their discretion. If they agree to close two weeks early and everything else is ready, then you do not have to alter the contract. Other people's experiences may be different and even attorneys argue. Based on my personnel experience this is a good technique if used properly.