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Old 03-12-2013, 10:41 AM   #1
kkolbusz1
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anyone put a time frame on contract?

I've read posts where buyers have ran into situations where sellers have taken their time getting things signed or owed money themselves & the process had taken weeks longer than expected. Has anyone put a close by date on their contract?
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Old 03-12-2013, 10:51 AM   #2
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I had an "Accept by Date" and "Closing Date" on my resale. It is like any other contract, as long as both sides sign off on the details.
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Old 03-12-2013, 11:29 AM   #3
Missyrose
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Quote:
Originally Posted by kkolbusz1 View Post
I've read posts where buyers have ran into situations where sellers have taken their time getting things signed or owed money themselves & the process had taken weeks longer than expected. Has anyone put a close by date on their contract?
There is typically language in the contract (or an additional addendum) about when the contract needs to close by.

The unfortunate thing is if you pass that date, the buyer has the right to walk away (I think) but if you're months into the process, would you really want to start all over again?
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Old 03-12-2013, 12:16 PM   #4
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Quote:
Originally Posted by kkolbusz1 View Post
I've read posts where buyers have ran into situations where sellers have taken their time getting things signed or owed money themselves & the process had taken weeks longer than expected. Has anyone put a close by date on their contract?
I puts dates in that said the offer was good until x and must close before y.

If you do the above and the contract was accepted, passed ROFR, and the sellers were dragging their feet and the closing date was drawing near, you have three options:
1. Still close after the closing date (although either party can back out).
2. Back out of the contract (wasted time).
3. Ammend the contract to extend the date. By doing this you can also let the other party know that you are doing this one time only and if they cannot close, then the contract will be null and void.

Lucky for me, the sellers were as quick to return things as I was. I think they might have gotten the paperwork in a little quicker than my 2 days (I think they lived in central Florida).

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