Contract Acceptance
Once the buyers and the sellers agree on all terms of the contract AND both sides have signed the final version AND both parties have received a copy of the signed contract, then you have a firm or "ratified" contract. It is from the date of ratification that the clock starts ticking for contingencies. |
|||||||
For example,
let say the Stotlmyers are selling their house and receive an offer on
June 1st from the Paulsens. The Stotlmyers review the contract and make
a counter offer to the Paulsens on June 2nd. The Paulsens are out of town
and sign the counteroffer upon their return on June 6th. A copy is left
with the Paulsens and another copy is delivered to the Stotlmyers on June
7th. The date of Ratification is June 7th. Let's say that the contract
has a home inspection contingency with 5 days to submit a report to the
sellers. The inspection must be completed and the appropriate paperwork
must be delivered to the Stotlmyers on June 12th. No distinction
is made between weekdays and weekends.
|
|||||||
Please remember
that when making changes to a contract, it is as if you are rejecting
the previous contract and asking the other party to sign a new contract.
Until the contract is ratified, either party has the right to walk away.
|
|||||||
|
Questions? |