Purchase Agreement

 

Below is shown a purchase agreement timeline. This timeline was created for transactions that involve the FAR Residential Sales Contract. Our associates pride themselves in providing the very best professional service to our buyers and sellers and this timeline is one of the tools we use to make sure the i's are dotted and the t's are crossed. If you are looking to buy or sell a home, property or business, give us a call. You can be confident that will will handle the details. To schedule a time to visit for a free, no obligation consultation concerning your specific needs, email us or call 407-729-5761.

Contract timeline

  1. Effective Date of the fully executed contract (date signed by and delivered to all parties page 7, latest date on line 371).

  2. Buyer to make financial application with their Lender (check the days on page 1, line 30). Remember, the actual business days will be counted from the Effective Date. This will be 5 business days if left blank. Final loan approval must be confirmed by ___________________. (page 1, line 31). This will be 30 business days if left blank.

  3. Within 10 business days after the Effective Date, if desired, Buyer may have property (Home Inspector) professionally Inspected (page 2, line 81).

  4. Within 5 days of the end of the Inspection period, Buyer to deliver to Seller the Buyer's written notice of required repairs, in priority order, and a copy of the professional inspection report (page 3, lines 136 and 139).

  5. Seller may, within 5 business days from receipt of Buyer's notice of the repair items (page 3, lines 141-149), have a second inspection and report on the repair estimates to Buyer.
  6. Within 10 business days after the Buyer notifies Seller of the needed repairs and Buyers loan approval, if applicable, Seller is to make repairs and notify Buyer whether or not seller will pay for any excess costs (page 4, lines 202-207).

  7. Seller must, within 5 business days after receipt of the Buyers priority list of repairs, give notice to the Buyer whether or not they will pay for the excess cost of repairs (page 3, pages 140-149).

  8. Within 5 business days before closing, Buyer may have the Wood Destroying Organism Inspection (page 2, line 82) completed. Buyer to deliver a copy of the Inspectors written report to Seller within 5 business days from the date of the inspection. (page 3 lines 155-165).

  9. By _______________ (specify which date or at least 5 business days prior to closing), Buyer may have WDO inspection and deliver to seller a copy of the WDO report (page 2 lines 82).

  10. Within 5 business days after receiving WDO report and loan approval, Seller will make WDO repairs up to $________or _______% of the purchase price (or 1.5% of the purchase price if left blank).

  11. Seller to notify buyer whether Seller will pay for any cost of WDO repairs exceeding the amount agreed to be paid. Buyer may cancel the agreement if Seller does not pay the excess costs or proceed with the transaction with Seller's obligation of costs limited to __________. (page 2, line 54).

  12. The Buyer to have the property surveyed by _______________. (page 2, lines 83 and 84). This will be 5 business days before closing, if left blank.

  13. Within 5 business days of the receipt of the Survey, Buyer has the right to deliver to Seller written notice of any encroachments on the property, deed restrictions or zoning violations (page 4, lines 202-207).

  14. Within ______ business days after the Effective Date , (check the days on page 1, line 31), the Financial Contingency is to be lifted and Buyer to have acquired loan approval.

  15. Title - Within 2 business days before closing, Seller to provide Title evidence (see page 4, line 182). (For Closing Date see page 1, line 41.)

  16. Buyer will examine title evidence and deliver written notice to Seller, within 5 business days from receipt of the title evidence, but no later than closing, of any defects that make the title unmarketable (page 4, lines 195-196).

  17. Seller will have 30 business days from receipt of Buyer's notice of defects (Curative Period) to cure the defects at Seller's expense. If Seller cures the defects within the Curative Period, Seller will deliver written notice to Buyer and the parties will close the transaction on the Closing Date or within 10 business days from Buyer's receipt of Seller's notice if the Closing Date has passed (page 4, lines 197-199).

  18. If Seller is unable to cure the defects within the Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 business days from receipt of the Seller's notice, either cancel this Contract or accept title with existing defects and close the transaction (page 4, lines 199-201).

  19. Buyer will, within 10 business days from receipt of Seller's notice, either cancel this contract or accept title with existing defects and close the transaction (page 4, line200-201).

  20. Walk Through Date will be the day before closing (page 2, lines 82 and 83) or anytime agreeable to all parties.

Note: All time periods will be computed in business days. A business day is any calendar day except Saturday, Sunday and national legal holidays. If any deadline falls on a Saturday, Sunday or national legal holiday, performance will be due the next business day. All time periods will end at 5:00 p.m. local time in the county where the Property is located of the appropriate day.

This information is intended as an outline for real estate agents of Borchini Realty and not to be considered as legal advice. Timelines subject to contract revisions.