Accept Offer

Accept offer (A) “Written acceptance of all parties will be on or before:” means the buyer’s offer will expire if both parties have not responded within the time stated.

Time is of the Essence

After the seller accept offer, the buyer has dates and time limits within the Agreement that “must be met to avoid being in default of the Agreement.” (B) “the Settlement Date and all other dates and times identified for the performance of any obligations of this Agreement are of the essence and are binding. ”

“Contingency Period in all of the inspection contingencies is the time for the Buyer to conduct inspections and to terminate or submit a written Corrective Proposal to the Seller. Failure to act on inspection results within this time period may result in a waiver of the inspection contingency and acceptance of the Property by the Buyer.”

Default is explained in two sections: paragraph 8(D) & (E) Mortgage Contingency; and paragraph 22(E) Default, Termination and Return of Deposits. These are the basic sections to reference default.

Execution Date

(C) “The Execution Date of this Agreement is the date when Buyer and Seller have indicated full acceptance of this Agreement by signing and/or initialing it. For the purpose of this Agreement, the number of days will be counted from the Execution Date, excluding the day this Agreement was executed and including the last day of the time period. ALL CHANGES TO THIS AGREEMENT SHOULD BE INITIALED AND DATED. ”

When you accept offer, it is important to understand that every calendar day is included in the count. This, of course, includes weekends and holidays. You must verify the time allowed for each contingency will be adequate to complete the requirements of each.

Settlement Date Not Extended

(D) “Settlement Date is not extended by any other provision of this Agreement and may only be extended be mutual written agreement of the parties.”

Any change as this must be an addendum to the Agreement of Sale. Copies of this addendum must reach the mortgage company and the title company. Additional coordination with the mortgage company to verify: the loan documentation and payment arrival; the mortgage commitment will be valid; and the rate lock will not expire. You will obviously have to verify the date and time is available to reschedule settlement with the title company.

Pre-printed Time Periods

(E) “Certain terms and time periods are pre-printed in this Agreement as a convenience to the Buyer and Seller. All pre-printed terms and time periods are negotiable and may be changed by striking out the pre-printed text and inserting different terms acceptable to all parties.”

Return From Accept Offer To Part 1