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“Acceptance Date” and the “Binding Agreement Date"

By Tom Pulsifer

Real Estate Agent with GARDNER, REALTORS

April 14, 2009 12:29 PM

What is the difference between the “Acceptance Date” and the “Binding Agreement
Date” in the GAR form contracts?
The Acceptance Date is the date that the party who has been presented with an offer or
counteroffer signs and accepts it. However, a legally enforceable contract is not created until the accepted contract is then delivered back to the party who made the offer or counteroffer. The date this party (or the party’s broker if the broker is representing the party as a client) gets back the accepted contract is the Binding Agreement Date.

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Anonymous

Tom Breedeen

In the case of a short sale, the binding agreement date is when? When the lender approves the short sale offer or when the seller and buyer sign the Purchase and Sales Agreement which is sent to the lender as part of the short sale package?

May 13, 2009 10:49 AM

Anonymous

www.hirehires.com

Binding agreement begins when the seller and buyer come to an agreement concerning the purchase/sale. Lender approval is a contengency. As a special stipulation I write in that binding agreement is modified to begin immdiately after the lender has approved the offer in writing. Otherwise the buyers due diligence period may expire before the lender approves the offer.

Nov 29, 2009 05:12 AM

Anonymous

Kristina Barron

I'm doing a amendment letter to change the closing/possession date what date goes on this letter? It states that both parties agree to amend the purchase and sale agreement with a binding agreement date of--------? Is this the original date of closing ?

Mar 04, 2015 10:32 PM