What dates do I need to inform my client of on the buy side?

264 views

What dates do I need to inform my client of on the buy side?

What dates do I need to inform my client of on the buy side?

support@jarbly.com Changed status to publish February 2, 2025
0

When working with a buyer, it’s important to keep track of and inform your client of the following key dates in the As-Is offer:

  1. Deposit Date:
    This is the date by which the buyer needs to submit their earnest money deposit, typically within a few days after the offer is accepted (often 1–3 days). Be sure to inform your client of this timeline so they can act quickly to show their seriousness.
  2. Due Diligence Date:
    The due diligence period is the time frame during which the buyer can conduct inspections, review the property, and back out of the deal (if they find issues) without penalty. This period is typically between 7 to 15 days but can vary. The buyer must notify the seller by this date if they wish to proceed with the deal.
  3. Mortgage Loan Application Date:
    If the buyer is financing the property, they need to apply for the mortgage within a specific timeframe. Typically, this needs to be done within 5 to 10 days after the offer is accepted. This allows time for the lender to process and approve the loan.
  4. Mortgage Loan Approval Date:
    The date by which the buyer needs to have received final mortgage approval. This is typically within 30 to 45 days after the offer is accepted, but it can vary depending on the terms of the offer and lender requirements. This is critical for ensuring the buyer can secure financing.
  5. Closing Date:
    The agreed-upon date when the property is officially transferred from the seller to the buyer. This date is usually set 30 to 45 days from the date the offer is accepted but can be adjusted based on the buyer’s needs and any contingencies. It’s important for your client to know when this will happen to plan their financing and move.
  6. Financing Contingency Removal Date:
    If the offer includes a financing contingency, the buyer must remove this contingency by a certain date. It’s often within 30 to 45 days after the offer acceptance but may vary.
  7. Title Review Period:
    If applicable, inform the buyer about the period they have to review the title report and address any issues before closing. This date typically falls in line with the closing date or slightly before.

By staying on top of these key dates and informing your client promptly, you help ensure a smooth transaction and avoid missed deadlines that could jeopardize the deal.

support@jarbly.com Changed status to publish February 2, 2025
0
0
    0
    Your Cart
    Your cart is emptyReturn to Shop