The Effective Date is generally tied to the date the final party signs or initials and delivers the accepted contract as required. Many deadlines are counted from that date.

Do not assume a verbal agreement or unsigned draft creates the same obligations as a fully executed contract.

The contract states the deposit amounts, deadlines and escrow agent. The deposit is not automatically delivered to the seller if the buyer fails to close; the contract and circumstances determine how escrow is handled.

Ask for confirmation that required deposits were received.

• Effective Date
• Deposit due dates
• Inspection period
• Loan application and financing deadlines
• Appraisal-related dates
• Association application or review periods
• Title and survey dates
• Repair completion or reinspection
• Walk-through, signing, closing and possession

Financing, inspection, appraisal, title, association and sale-of-property terms can give a party rights to cancel or require action. The exact contract wording controls.

Ask what decision is required, who must give notice, how notice must be delivered and what happens if the deadline passes.

Continue normal maintenance, keep utilities operating as required and protect the property through closing. Provide contractually required access for inspections, appraisal, measurements, repairs and the final walk-through.

Report new damage, casualty events or material changes immediately.

The contract identifies items included or excluded from the sale. If a fixture has sentimental value, address it before listing or clearly exclude it in the contract.

After signing, do not remove, replace or substitute an included item without a written agreement.

An “AS IS” contract may give the buyer inspection and cancellation rights while limiting the seller’s repair obligation. It does not mean deadlines, disclosures, access, maintenance or other seller duties disappear.

A buyer may request a repair or credit. A request alone does not rewrite the contract; any agreement should be written and signed.

Changes to price, credits, repairs, closing dates, possession or other terms should be documented and signed by the appropriate parties.

If a problem may prevent performance, address it before the deadline rather than relying on an informal promise.