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Contract Series Paragraph 27

George Clements ~ Greenville, SC Real Estate

 

Paragraph 27 of the Contract For Sale deals with the date at which a contract goes into effect and looks something like this.

27. EFFECTIVE DATE : The Effective Date shall be the last date upon which the Purchaser or Seller signs or initials, dates, and delivers this Contract as evidenced by the date beside the name or initials of the last party to sign or initial.

 

This basically means that the first date a contract is in effect is when the last initials and/or signatures are placed in the blanks or on changes and it is delivered to both partes.  If certain terms have been agreed upon, changes have been made and initialed and the contract is complete, but it has not been delivered to one of the parties, then it is not under contract.  The final contract has to be in the hands of both parties to be considered effective.  Time is of the essence!

 

Comment balloon 0 commentsGeorge Clements • May 30 2008 08:59AM
Contract Series Paragraph 27
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George Clements ~ Greenville, SC Real Estate Paragraph 27 of the Contract For Sale deals with the date at which a contract goes into effect and looks something like this. 27. EFFECTIVE DATE : The Effective Date shall be the last… more
Contract Series Paragraph 26
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George Clements ~ Greenville, SC Real Estate Paragraph 26 of the Contract For Sale deals with the acceptable forms of accepting an offer and looks something like this: 26. Acc eptable Methods of Deliv ery and comm unic ation: The parties agree… more
Contract Series Paragraph 25
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George Clements ~ Greenville, SC Real Estate Paragraph 25 of the Contract For Sale deals with weather an offer is accepted or not and looks something like this: 25. Communication of Aceptance: The acceptance of this offer or any counteroffer… more
Contract Series Paragraph 24
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George Clements ~ Greenville, SC Real Estate Paragraph 24 of the Contract For Sale deals with the expiration of the offer and looks something like this: 24. Expiration of Original Offer: The original offer is deemed revoked if not accepted and… more
Contract Series Paragraph 23
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George Clements ~ Greenville, SC Real Estate Paragraph 23 of the Contract For Sale is entitled "Survival" and looks something like this: 23. SURVIVAL: If any provision herein contained which by its nature and effect is required to be… more
Contract Series Paragraph 22b
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George Clements ~ Greenville, SC Real Estate The second part of pragraph 22 of the Contract For Sale looks something like this: The following matters are excluded from mediation hereunder: (a) judicial or non-judicial foreclosure or other action… more
Contract Series Paragraph 22a
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George Clements ~ Greenville, SC Real Estate Paragraph 22 of the Contract For Sale is rather long so I thought I would break up the explanation into two parts. The first part looks something like this: 22. Mediation clause: Any dispute or claim… more
Contract Series Paragraph 21
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George Clements ~ Greenville, SC Real Estate Paragraph 21 of the Contract For Sale is entitled "Entire Contract; Binding Contract; Time:" and looks somthing like this: 21. ENTIRE CONTRACT; BINDING CONTRACT; TIME: This written Contract… more
Contract Series Paragraph 20
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George Clements ~ Greenville, SC Real Estate Paragraph 20 of the Contract For Sale is quite long and looks something like this: 20. DISCLAIMER BY BROKERS AND AGENTS: The Listing Brokers or Selling Brokers and their Agents do not make any… more
Contract Series Paragraph 19
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George Clements ~ Greenville, SC Real Estate Paragraph 19 of the Contract For Sale deals with Megan's Law and looks something like this: 19. MEGAN’S LAW : The Purchaser and Seller agree the Listing and Selling Brokers and their agents are not… more