Let's Count The Days

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

So you think you know how to count?

Watch those dates!

Time is of the essence at the very top of our contract.

Time of the Essense

     Dates are important.

Real important. 

Our contracts include the offer date, ratified date, and settlement date. Many dates count from the date of the agreement. But not all.

There are so many days for financing, so many days for the loan application, so many days for loan commitment, so many days to order the appraisal, and so many days to respond.

Home Owner Associations, Co-ops, and Condos have more dates and days to review and withdraw.

  Days from contract to perform the inspection. Days to respond if not satisfied by the buyer. Days to respond from the seller. Then more days for responses between the buyer and seller. Some inspections like radon might add additional days to get the results.

Well, septic, lead-based paint, mold, HVAC, roof, chimney, and environmental have dates...  and there are so many days for a walk-through before settlement.

 

one two three

 

But how are those dates counted? Easy 1-2 3... but not exactly.

 

If the offer is accepted, signed, and agreed upon today, then today's date is written into the contract. This critical date is known as ratification. If all parties sign the contract today, 9/11/22, When is day one?

According to the contract, today is day zero, and tomorrow is day one.

Get it!

So yes, you do count 1-2-3... pretty easy,

But you have to know when to start that counting.

 

Have a question about contract dates?

Have a question about buying or selling a home...

 

Call Margaret Rome

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


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Comments (22)

Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Margaret,
Dates are not "suggestions", are they? They are part of the contract.

Sep 11, 2022 09:07 AM
Margaret Rome Baltimore 410-530-2400

Carol, Dates are no more suggestions than stop signs. :)

Sep 18, 2022 12:33 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Margaret, boy that picture reminds of what my grandmother had when I was real young.  Dates are so important and great blog.

 

Sep 11, 2022 09:14 AM
Margaret Rome Baltimore 410-530-2400

Thank you Will. Glad to bring a memory back!

Sep 18, 2022 12:33 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Margaret there are several dates on the sales contract that if the Buyer fails to meet or perform, then they are at risk of losing their deposit.  BUT there are no funds at risk if the Seller fails to meet their dates, such as a closing date.  If the Buyer is not ready to close on the closing date, the only thing they have at risk is the Buyer walking away, but no penalty like the Buyer has if they fail to meet the closing date.  It does not seem to be fair.

Sep 11, 2022 01:16 PM
Margaret Rome Baltimore 410-530-2400

George, Interesting point. The seller has taken the home off the market, There are more risks than the EMD

Sep 18, 2022 12:36 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

It seems like I have been in contract with a number of agents that consider the dates a loose guideline.  It can be very frustrating.

Sep 11, 2022 03:55 PM
Margaret Rome Baltimore 410-530-2400

Dates are not suggestions, Ray.

Sep 18, 2022 12:37 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Margaret- I think what some people fail to fully grasp is that a contract is just that...you have contracted and agreed to certain commitments. The dates are extremely important. I never really gave much thought to Day 1 or Day Zero. 

Sep 11, 2022 05:30 PM
Margaret Rome Baltimore 410-530-2400

Kathy, Day 1 or Day zero sounds so petty, until you have to enforce it.

Sep 18, 2022 12:39 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

I use to provide a little calendar, or list of specific dates outlined in the contracts, so my clients understood the gravity of performing accordingly.  Sometimes, the number of days in the contract, not consciously attached to a specific date, escapes some clients.

Sep 11, 2022 05:43 PM
Margaret Rome Baltimore 410-530-2400

Myrl, I love your idea of the callendar. Have you blogged this? I would love to see your little calendar. 

Sep 18, 2022 12:40 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Sep 11, 2022 05:44 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Most of our contract dates are an actual date so it's hard to mess them up. I love that dates actually matter in MT and in MD and many other states. They didn't matter much in NY!

Sep 12, 2022 05:35 AM
Margaret Rome Baltimore 410-530-2400

Kat, The dates do matter! Otherewise what is a contract??

Sep 18, 2022 12:41 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Sep 17, 2022 07:25 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Thank you, Kathy for the feature!!

Sep 18, 2022 12:42 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Margaret. You have reminded us the "zero" can have significance in many situations. Thanks! Enjoy your day.

Sep 18, 2022 05:20 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Wayne Martin

 It is true that... "zero" can have significance in many situations. Thanks! Enjoy your day."

Sep 18, 2022 05:31 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Margaret,

I love you wrote this post! I can't tell you how many agents can't count right after a contract has been ratified! This post should clear it up perfectly!!

Sep 18, 2022 06:14 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dorie Dillard Austin TX 

Knowing how to count is so important! What a difference one day can make!

Sep 18, 2022 06:27 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Margaret - there certainly is a difference too with weekends and holidays.  I am sure that varies by state.

Sep 18, 2022 07:20 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Grant Schneider

We go by calendar days.

Sep 18, 2022 07:30 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Margaret,

One of the dates I always look at is the anticipated date of closing,  I can't tell you how many times someone has put a date for closing on the contract that is either near or on a holiday. 

Sep 19, 2022 10:17 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sheri Sperry - MCNE®

Or on a Saturday or Sunday. 

Sep 19, 2022 01:34 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Such an important post, Margaret. Knowing and understanding the contract dates  for everybody concerned is important. Is it calendar days? What happens if the date for performance falls on the weekend or a holiday? We need to make sure our clients know and understand these dates, as there may be repercussions for missing them.

Jeff

Sep 19, 2022 08:09 PM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

I always send my client and the other agent a spreadsheet with all the dates highlighted, so we are all on the same page. It makes life easier. But you have agents who like to add phrases to an agreement such as, "any date that falls on a weekend or a holiday that date shall be pushed back to the following day" Well that can throw all sorts of things out of kilter as now days for inspections have been increased ad hoc. Got to know what is in the contract and how it affects your clients.

Sep 20, 2022 12:10 PM