Weekly, topics come up in my daily work life that I think are worthy of sharing. ¬†If a topic is something I have to educate my clients on:¬†do contract deadlines really matter when offering to purchase a home, then it’s something that probably warrants sharing to a wider audience.
On a certain listing I was working on, ¬†we got an offer (yea!), however the sellers were not available either by phone or electronically on the day the offer was submitted. ¬† We responded to the buyer within the time allowed on the offer with a counter offer. ¬† Initially, the counter offer was sent in an email form with a deadline, and we did not get a reply. ¬†Technically, that offer could have been ‘dead’. ¬†In the interest of being correct, we did follow up in writing on a contract with our counter offer, and at that time even extended the time in which the buyer could respond. ¬†At this time we also said we would be firm on the deadline to reply.
The paragraph¬†on our local Richmond, Va. purchase agreement¬†states it must be signed AND delivered by the deadline. ¬† That means the agent representing the party making the offer must insure that the document is received AND acknowledged ON or BEFORE the deadline on the contract. ¬† If the deadline passes the contract is technically ‘dead’. ¬† There are cases however, where buyer, seller and the agents are rather loose on this portion of the contract, in certain cases. ¬† At any rate, a small detail like the deadline on the contract is indeed not so small. ¬†If you are working with multiple offers, the deadline to respond can be of utmost importance. ¬†It can be the difference that makes or breaks a client sale in some cases. ¬† And if the deadline passes, and all parties still agreed on the terms and the deadline is not amended in writing – theoretically that contract would be void. ¬†If it needed to be held up in a court of law it may be a sticking point, or one of the parties could use that as their ‘excuse’ to get out of the purchase agreement. ¬†Our job representing clients is to educate them on the contract requirements in our local vicinity, and then to make sure we execute them in a manner that protects the party we represent. ¬† ¬†When making the largest purchase of one’s life in some cases, little errors could have large ripple effects and so it’s our job as Realtors to create an environment where clients are educated and cross their I’s and dot their T’s.