What do buyers do when they get a signed contract? Most celebrate, calling family and friends announcing victory. But the celebration may be shortlived if the buyers (and their Realtor®) don’t set the timer to meet all the dates and times in the purchase contract.
It’s important to remember the “Contract to Purchase” is a legally binding document. In the old days, the purchase contract was “bi-lateral” and didn’t favor one side or the other. Today’s contract seems to favor sellers. And some sellers, sensing a better deal from the next buyer, are zeroing in on contract dates and times to legally extract themselves from the current contract.
Let’s begin with the easiest dates to miss:
The purchase contract contains lots of requirements for buyers and sellers. Cincinnati’s fast-paced home sales are driving some people to electronically sign and skip reading the fine print. And as long as everybody is happy the property closes. However, some sellers are sitting with 1 or maybe 2 backup offers. And sellers hoping to cash in on a better offer sometimes read the fine print regarding dates and dump buyers who don’t dot their “I’s”.
Buyers and their agents really need to take a breath and review the entire purchase contract before it’s signed. The best time to discuss the contract ins and outs is during the buyer’s counseling session.
After the purchase contract is signed and sealed lots of agents provide a written timeline to their buyers so everybody is on-time. Tick Tock the clock is ticking on home sales. But taking the time to read and understand all the ins and outs of the “Contract to Purchase” keeps the process from becoming a time bomb!