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Critical Dates List
In a real estate transaction, critical dates are essential to ensure the smooth progression of the deal and to avoid any legal or financial complications. Here are the critical dates that buyers and sellers need to be aware of:
- Mutual Acceptance of Purchase Contract: This marks the official beginning of the transaction and triggers various subsequent actions.
- Earnest Money Deposit: The date by which the buyer needs to deposit earnest money into escrow, indicating their seriousness about the purchase.
- SPDS (Seller’s Property Disclosure Statement) Delivery to Buyer: The seller needs to complete and provide the SPDS to the buyer within a specified timeframe.
- Buyer’s Inspection Notice and Seller’s Response (BINSR): The deadline for the buyer to submit a notice regarding the inspection results, followed by the seller’s response.
- Loan Application Date: The date by which the buyer needs to apply for a mortgage loan to facilitate the purchase.
- Buyer Possession Date: The date on which the buyer gains possession of the property.
- Listing Start Date: The date the property is officially listed for sale.
- Listing Expiration Date: The date when the listing agreement expires, unless renewed or extended.
It’s crucial for both buyers and sellers to keep track of these dates to ensure that the transaction progresses smoothly and according to the agreed-upon terms.
- Critical Date Checklist for Realtors: Offers a checklist to manage important tasks and deadlines in a real estate transaction for both buyers and sellers.
- CRITICAL DATE LIST: A PDF document outlining critical dates including mutual acceptance, earnest money deposit, SPDS completion, and BINSR delivery in a real estate transaction.
- How to Manage All of Your Critical Real Estate Transaction Dates: Offers insights on managing and automating critical dates and milestones in real estate transactions.
- Stewart Critical Date Checklist: A checklist outlining critical dates such as possession date, listing start and expiration dates, and home sale contingency, published by Stewart Title.
Note: The information on this page is not intended to be legal advice. Before making a home purchase without an agent, you should consult real estate attorney.
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