contract dates & deadlines

Understanding Real Estate Contract Dates & Deadlines: A Comprehensive Guide by Jamie & Nolan Team at Hub Real Estate

Welcome to the ultimate guide to understanding real estate contract dates and deadlines, brought to you by Jamie Hammond and the Jamie & Nolan Team at Hub Real Estate. If you are considering buying a home in Northern Colorado, it’s essential to familiarize yourself with the intricacies of the real estate contract to ensure a smooth and successful transaction.


Introduction to Real Estate Contracts

Your Contract to Buy and Sell Real Estate is the legal document that outlines the terms and conditions of a home purchase. In Northern Colorado, the standard Contract to Buy and Sell is nearly 20 pages long, encompassing various deadlines that must be met throughout the buying process. While it might appear overwhelming at first glance, fear not! We’re here to guide you through the essential dates and deadlines, making your home buying journey a breeze.


Earnest Money Deadline

Alternative Earnest Money Deadline

The Alternative Earnest Money Deadline is the due date for earnest money, a deposit that shows your commitment to buying the property. The amount is typically specified in the sales contract and can be submitted either by check or electronically. This deadline is usually set 1-3 days from when the Buyer and Seller both sign the contract.


Title Deadlines

Record Title Deadline

The Record Title Deadline requires the Title Company to provide you, the buyer, with a current commitment for an owner’s title insurance policy. This commitment includes copies of relevant plats, declarations, covenants, conditions, restrictions, and other documents. 

Record Title Objection Deadline

The Record Title Objection Deadline allows you, the buyer, to object to any unsatisfactory title conditions found in the title commitment. 

Off-Record Title Deadline

The Off-Record Title Deadline is the date by which you, as the buyer, must receive copies of all existing documents related to the property that are in the seller’s possession. The seller is also obligated to disclose any easements, liens, leases, or other title matters not shown in public records. 

Off-Record Title Objection Deadline

Similar to the Record Title Objection, the Off-Record Title Objection Deadline allows you to object and terminate the contract if you are unsatisfied with the documents provided during the Off-Record Title Deadline. 

Title Resolution Deadline

The Title Resolution Deadline is the date by which all title objections must be resolved. 

Third Party Right to Purchase/Approve Deadline

Third Party Right to Purchase/Approve Deadline comes into play when an outside entity, like an HOA, must approve the buyer’s contract. If the entity disapproves the contract, the contract terminates. 


Owner’s Association Deadlines

Association Documents Deadline

For properties under an HOA, the Association Documents Deadline is the date by which you must receive all current HOA documents. Reviewing these documents is essential, especially for townhome or condo communities, as they outline rules and restrictions. 

Association Documents Termination Deadline

The Association Documents Termination Deadline gives you the right to terminate the contract based on unsatisfactory provisions in the HOA docs. 


Seller’s Disclosures Deadlines

Sellers Property Disclosure Deadline

Sellers typically complete the Seller Property Disclosure before listing their home for sale. This document discloses any issues or improvements that the seller is aware of pertaining to the property. 

Lead Based Paint Disclosure Deadline

Applicable only to homes built before 1978, the Lead-Based Paint Disclosure Deadline requires the seller to provide the lead-based paint disclosure and the EPA Brochure “Protect Your Family From Lead in your Home.” The buyer then has time to terminate the contract if they are unsatisfied with the disclosure. 


Loan and Credit Deadlines

New Loan Application Deadline

The New Loan Application Deadline is the time frame within which you, the esteemed buyer, must submit a complete loan application to your chosen lender. In most cases, buyers have already initiated this process before making an offer on the property. 

New Loan Termination Deadline

The New Loan Termination Deadline serves as a window for you to carefully assess whether the newly acquired loan meets your needs and expectations. During this period, you’ll be reviewing crucial factors such as payments, interest rates, terms, conditions, and overall cost. 

New Loan Availability Deadline

The New Loan Availability Deadline is the final deadline relating to your ability to secure your loan, to allow for any unforeseen circumstances, loan issues, or otherwise barriers to you getting your loan to purchase the home. 

Buyer’s Credit Information Deadline

The Buyer’s Credit Information Deadline comes into play when owner carry financing is involved. As the buyer, you must supply the seller with relevant financials, a credit report, or any other documents requested to facilitate the financing process. 

Disapproval of Buyer’s Credit Information Deadline

The Disapproval of Buyer’s Credit Information provides the seller with an opportunity to decline the buyer’s offer based on the credit information provided. 

Existing Loan Deadline

For buyers assuming the seller’s existing loan, the Existing Loan Deadline becomes relevant. As the buyer, you have the right to review all current loan documents provided by the seller for your consideration.

Existing Loan Termination Deadline

Following the receipt of the seller’s current loan information, you, the buyer, hold the power to review the loan’s terms. If you find any aspects unsatisfactory, you can object or decline, leading to the termination of the contract. 

Loan Transfer Approval Deadline

The Loan Transfer Approval Deadline is pertinent only if you, as the buyer, are assuming the seller’s existing loan. This deadline marks the period within which the seller’s lender must approve the loan assumed by you. 

Seller or Private Financing Deadline

The Seller or Private Financing Deadline becomes significant when a portion of the financing is provided by private or seller financing. As the buyer, you must decide by this date if the offered financing meets your requirements.


Appraisal Deadlines

Appraisal Deadline

The Appraisal Deadline marks the date by which you, the esteemed buyer, must receive an appraisal of the property. In most cases involving a loan, the lender will require an appraisal to ascertain the current market value of the property. It’s vital to keep an eye on this deadline, especially during busy seasons when appraisers may experience delays. However, please note that this deadline does not apply to VA or FHA loans.

Appraisal Objection Deadline

The Appraisal Objection Deadline requires you, as the buyer, to submit in writing that the property’s valuation is less than the purchase price. Alongside this, you must outline the specific requirements or work that the appraiser needs to address before the transaction can proceed to closing. For instance, this could involve rectifying issues like chipped lead-based paint on the side of the house..

Appraisal Resolution Deadline

Should an appraisal objection arise, the Appraisal Resolution Deadline becomes pertinent. At this stage, several possibilities can unfold: a) the seller may agree to lower the price to match the appraised value; b) you, the buyer, can choose to bridge the difference in cash; or c) the contract may terminate. An agreement must be reached by this date, or the contract stands to be terminated. 


Survey Deadlines

New ILC or New Survey Deadline

Involving a new Improvement Location Certificate (ILC) or Survey is typically necessary if the title company or lender requires it, or if you, the buyer, have inquiries about the exact property lines. The New ILC or New Survey Deadline signifies when you should receive either of these documents by the specified date. 

New ILC or New Survey Objection Deadline

By the New ILC or New Survey Objection Deadline, you, as the buyer, must provide the seller with a written description of any aspect of the ILC or survey that is unsatisfactory and requires correction.

New ILC or New Survey Resolution Deadline

Should an objection regarding the ILC or survey arise, it must be resolved by this date, or the contract may be subject to termination. 


Inspection and Due Diligence Deadlines

Inspection Objection Deadline

At this juncture, the buyer gains the right to have a professional inspection conducted on the property. It’s essential that all home inspections are completed by this date. The Inspection Objection Deadline marks the point by which the seller must receive a written description of any unsatisfactory physical condition that necessitates correction, as requested by the buyer. 

Inspection Termination Deadline

The Inspection Termination and Resolution Deadlines come into play if an objection is lodged. Upon receiving an objection from the buyer, the seller has until this date to respond in writing, addressing the repair requests made by the buyer through an Inspection Resolution. The buyer must agree to the Resolution terms, or the contract faces termination. 

Note, the Buyer may also decide to terminate by this date without lodging an Objection. In which case, the Buyer can sign and submit a Notice of Termination due to Inspection and the transaction terminates.

Inspection Resolution Deadline

Should an Inspection Objection be presented by the buyer, the seller must respond in writing to address each of the buyer’s repair requests by this date. If the buyer and seller cannot reach an agreement or decide to withdraw the objection, the contract stands to be terminated. 

Property Insurance Termination Deadline

When financing is required for the property purchase, the lender will mandate obtaining property insurance, often referred to as homeowner’s insurance. The Property Insurance Termination Deadline is when the buyer must gather as many insurance bids as they desire for their homeowner’s insurance. If the insurance fails to meet their satisfaction, they must submit a written termination by this deadline. 

Due Diligence Documents Delivery Deadline

In instances where the due diligence box is checked in the contract, the seller commits to delivering copies of specific documents pertaining to the property, which can include leases, completed contract work, warranties, permits, and more..

Due Diligence Documents Objection Deadline

If the Due Diligence Documents are not supplied, are incomplete, or deemed unsatisfactory by the buyer, they reserve the right to terminate or object. In case of an objection, the buyer must provide a written description of the documents requiring correction or supply by the seller.

Due Diligence Documents Resolution Deadline

When a Due Diligence Document Objection is raised, the issues must be resolved or the objection retracted by the Due Diligence Documents Resolution Deadline, or the contract risks termination. 

Conditional Sale Deadline

The Conditional Sale Deadline applies only if the buyer has a property to sell before completing the purchase of the property under contract. The contingent property must be sold and closed by the conditional sale date, or the buyer retains the option to terminate the contract. This date offers flexibility.

Lead-Based Paint Termination Deadline

Beginning in 2019, the Colorado Department of Regulatory Agencies introduced the Lead-Based Paint Termination Deadline. This allows the buyer to terminate the contract and receive the return of their earnest money if they are dissatisfied with the lead-based paint disclosure or any of the results of the lead-based paint inspection(s). 


Closing and Possession Dates

Closing Date

The Closing Date is the momentous occasion when the loan papers are signed, and the Seller hands over the deed to the Buyer. Following the closing, the Buyer gains the right to take possession of the property on the specific date and time agreed upon in the contract. Typically, the Closing Date is set within 30-45 days from the MEC date, as the final culmination of the home buying process.

Possession Date and Time

The Possession Date and Time represent the moment when the Buyer receives the keys, and the Seller is no longer allowed access to the property. Often referred to as the Delivery of Deed (DOD), this is usually the date of closing or one day after the closing date. If the Seller requires additional time to occupy the property, a Post Closing Occupancy Agreement must be executed to accommodate their needs.

Acceptance Deadline Date and Time

This crucial date and time signal the point at which the Buyer expects the Seller’s response to their offer. Typically, this deadline is set to one day from the date of the contract. If the Seller presents a counterproposal, a new deadline is established on the counterproposal, leading to the formation of a new MEC (Mutually Executed Contract).


There you have it! We understand that navigating the world of real estate contracts can be overwhelming, but fear not! The experienced team at Jamie Hammond and the Jamie & Nolan Team at Hub Real Estate is here to support you throughout your Northern Colorado home buying journey.

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