It does not matter what type of paper on the subject on which the agreement is written. It can even be written on a towel – although a towel is not conducive to writing the meticulous details of a chord, and the towel can be easily destroyed. However, the agreement must be in writing, signed and sealed to be legally enforceable. . If the seller accepts a buyer`s offer and signs the offer/contract, this is the binding contractual date.2. Serious money is used for the buyer`s purchase. If the buyer leaves the contract during the due diligence phase, the buyer keeps the money serious. When the buyer buys the house, the serious money is used for the buyer`s purchase. If the buyer withdraws from the contract after the expiry of the duty of care and the withdrawal does not depend on an agreed conditionality such as e.B. the ability to obtain financing is due, the seller retains the serious money as lump sum damages for the buyer`s breach of contract.3 Each contract may have a different wording and supplements are attached to some contracts. One would have to read the wording of the Treaty to see how to remedy that problem.
Yes, the date of the « Binding Contract » is confirmed by the signed acceptance date. In the case of a short sale, the binding contractual date is when? If the lender approves the short offer or if the seller and buyer sign the purchase and sale agreement sent to the lender as part of the short selling package? I make a change letter to change the closing date/ownership, what date is on this letter? It stipulates that both parties agree to terminate the purchase and sale contract with a binding contractual date of——–? Is this the initial completion date? @Roy Johnson, the reason I ask the question is that this potential buyer was always on and off, couldn`t decide and was captivating the market house in the process. After not ling the results of the home inspection, which he had repeatedly canceled and then postponed, he then tried to get his serious money back. The date of the treaty was the 25th. I had to sign a form to give him back his serious money. On the form, his broker set the date of the binding agreement at the 29th instead of the 25th. Is there anything funny about this date that changes @Jack Walker: you may have a contract/offer date different from the binding contract date. The binding contractual date is the date on which the seller signs the offer submitted by the buyer. For example, the offer date may have been a Monday and the seller accepts and signs on Wednesday. Monday is the date of the offer and Wednesday is the binding contractual date. The main thing to know is that during its due diligence phase or after the expiration of the due diligence period, the buyer is out of the contract terms and the agreements must be written in an easily understandable way. Use everyday language when drafting the terms of the real estate contract.
Avoid using jargon or terms that could easily be misinterpreted. Spell words completely instead of using abbreviations. Some abbreviations take on a very different meaning if they are not used clearly. For example, the words « VA loan » can mean either « Virginia loan » (a loan product for Virginia residents) or the « VA loan » guaranteed by the United States. . . .