What do the Deadlines in a House Contract Mean?

There are four deadlines in the Utah Real Estate Purchase Contract.

ONE: The Seller Disclosure Deadline

This is the first deadline in which the seller writes down everything they know about the house, past problems, current issues, etc.

TWO: The Buyer Due Diligence Deadline

This is the time period where the buyer can send in any professional to inspect the house for any reason, to get quotes on repairs, and make sure that they are comfortable purchasing the home in its current condition. You cannot ask for any changes to the condition of the home after this deadline, so be sure you’re happy with everything before this deadline passes.

THREE:  The Financing and Appraisal Deadline

This is actually two separate deadlines that are lumped together. First is the financing deadline, where the company financing your loan makes sure that you are, indeed, fully eligible for the loan. Then comes the appraisal deadline, where an appraiser comes in to make sure that the property is worth the contract price. After these deadlines pass, you earnest money goes hard, meaning that if you as a buyer choose to back out of the deal, the seller gets your earnest money.

FOUR: The Settlement and Closing Deadline

These are, perhaps, the most exciting deadlines. Settlement is where you go to the title company to sign all the documentation for the sale of the house. The actual closing happens 24-48 hours later when the monies are all funded into the appropriate accounts.

Any questions about these four deadlines? Shoot me a text, email, or just call me!

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