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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

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