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RSS FeedFirst Time Home Sellers - Keep an Eye on Those Dates (Part 12) |
Jun. 14, 2007
Categorized in: First Time Sellers
As a first time home seller it’s important to pay attention to the dates in your transaction (and if you are relocating, dates probably become even MORE critical).
So why keep an eye on those dates?
In typical contracts, dates are used to define when certain things are to take place. And both parties to the transaction are expected to adhere to them. Often there can be repercussions if you do NOT follow the dates; in fact the buyer could then have the right to walk away from the deal.
The other practical matter is allowing dates to slip by just delays the transaction itself, a problem for both buyers and sellers.
Also, it's just plain courteous to respect the dates that have been set, apart from any legal requirements in the contract. You should do what you say you are going to do, when you say you are going to do it.
I expect you recall all the dates that came up when you bought your first home, so none of this should surprise you. But in case you have forgotten, here are some dates that you should keep in mind (and your agent will be there to help keep you on track as well). These may vary depending on where you live and the nature of your particular contract, but most of these are applicable to California:
- Offer expiration
- Date of home inspection (may simply be during the due diligence period)
- Date by which buyers must apply for a loan
- Date to provide proof of funds for the purchase
- Date to complete due diligence
- Date to receive loan commitment
- Dates of any counteroffers and responses (may not be defined)
- Dates of repairs requests from buyer (again, may not be defined in your transaction)
- Closing date
Other dates may apply, so be sure you are aware of what they are. A CALENDAR with all the dates on it is a good way to keep track visually. Put them into your Palm, your Blackberry, Outlook, or elsewhere to keep them top of mind (and use the alarms!).
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