Title Talk with Sarah from Southlake - How Do I Determine the Effective Date?
Ever wonder how to determine the effective date on your Real Estate contract? Sarah Mann from our Republic Title Southlake office explains in this short video.
The effetive date is determined by the final date of acceptance. The final date of acceptance is the date on which the contract becomes binding between the parties. It is the date that both buyer and seller have agreed to all terms of the contract and have executed the contract. Four elements must be satisfied for final acceptance to take place:
- The final contract must be in writing.
- The buyer and seller must sign the final contract, including the initialing of any handwritten changes to the initially drafted offer.
- Acceptance must be unequivocal.
- The last party to accept must communicate acceptance back to the other party or the other party's agent.
If you have questions regarding this matter or other title related questions, please contact Sarah at our Southlake office.