Some deadlines listed below may not be applicable to your contract.
Colors on your e-calendar may not change, but don’t be concerned as we will keep you updated during the process.
This is the deadline that the buyer’s Earnest Money must be delivered to the title company, or real estate office stipulated in the contract. Your agent will provide this information to you. If Earnest Money is not delivered by this deadline, then the sellers can decide to terminate the contract.
(If applicable) Seller/Title company must deliver to buyer all applicable HOA docs including property Financials, Budget, CCR’s, (covenants, conditions, and restrictions,) Bylaws, Articles of Incorporation, and Board Meeting minutes. HOAs documents can be HUNDREDS of pages.
(If applicable) Deadline to object to any HOA documents that are not acceptable to the buyer. You’re not just buying a home, you’re buying into an HOA with all the benefits and drawbacks that come with an HOA.
DUE DILIGENCE DOCUMENTS
(If applicable) Deadline for the seller to deliver due diligence documents as specified in the contract. Generally, it is stipulated that the paperwork will be supplied, ‘if in owner’s possession,’ so there is no guarantee that anything will be shared.
DUE DILIGENCE OBJECTION
Deadline to object to any due diligence documents that are not acceptable to the buyer.
This is the deadline in which the seller must provide to the buyer, a current Title Commitment for an owners title insurance policy. This will consist of copies of any plat maps, declarations, covenants, conditions and restrictions burdening the property. When you receive the title commitment, please check it for any inaccuracies relating to the spelling of your name(s), purchase price, and loan amount. Your agent will also be checking for inaccuracies/concerns with the title commitment.
Seller must deliver to buyer, on or before the Off-Record Title Deadline, true copies of all existing surveys in seller’s possession pertaining to the property and must disclose to buyer all easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or other title matters (including, without limitation, rights of first refusal and options) not shown by public records, of which seller has actual knowledge (Off-Record Matters).
Date by which the inspection objection must be delivered to the seller.
This is the date in which the buyer can terminate the contract if the house is not in acceptable condition and the buyer does not want to work towards a resolution with the seller.
Date by which a buyer and seller must come to a resolution regarding inspection items. The sellers, after being presented with the inspection objection, can agree to do some, all, or none of the inspection items requested by the buyers. Sellers can also agree to give the buyers a ‘seller concession’ in place of doing the items requested. If buyer and seller do not come to a resolution by the of this deadline, the contract will automatically terminate.
PROPERTY INSURANCE OBJECTION
Date to object with anything related to the cost of, or obtaining, property insurance.. Examples of items that significantly increase the insurance cost: flood zone, high risk fire zone, too many insurance claims by the previous owner, and a wood shake roof.
Date the appraisal must be completed by. This will be coordinated on your behalf by your lender and the listing team.
APPRAISAL OBJECTION DEADLINE
Date objections must be delivered to the seller regarding the appraisal. The most common is the appraisal valuation. If the valuation is below the contract purchase price, your agent will work with you to come to a resolution or terminate the contract. Generally, either the purchase price will be reduced to match the appraised value, or the buyers will need to come up with the additional monies to bridge the appraisal gap. There could be other stipulations that need to be resolved prior to closing. These are most common with FHA and VA loans. Examples are: missing gutters, peeling lead based paint, and missing handrails.
NEW LOAN TERMINATION
Date to object to anything not acceptable to the buyer pertaining to the loan.