anyone put a time frame on contract?

Discussion in 'Purchasing DVC' started by kkolbusz1, Mar 12, 2013.

  1. kkolbusz1

    kkolbusz1 Mouseketeer

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    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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  3. com_op_2000

    com_op_2000 DVC Member since '93

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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.
     
  4. Missyrose

    Missyrose DIS Veteran

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    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?
     
  5. johnsbelt

    johnsbelt Mouseketeer

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    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).

    John
     

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