Watch Your Timing!

    Watch Your Timing!

    Aug 13, 2018

    Concerned about dates and time frames in a sales contract?  Southwest Florida REALTORS® from Marco Island to North Fort Myers and Pine Island to Lehigh Acres use different contracts, so it’s important to read the contract carefully.

    The most critical date in any sales contract is the effective date, affecting every other date in the contract. When does the clock start clicking? The Florida Realtors/Florida Bar (FAR/BAR) (Section F) contract states that the effective date is set once the last party has received the signed/initialed offer or final counteroffer. The Naples Area Board of Realtors (NABOR) (Section 2) contract sets the effective date as when the last party has dated and initialed or signed the final contract or counteroffer.

    Calendar days are used to determine time periods. If a time period or a date ends on a weekend or national holiday, the contract extends to the following business day. The FARBAR contract refers to end of business as of 5:00 pm. and NABOR states the time deadline of a day is 11:59 pm.  

    Just about every answer to every question can be found within the sales contract. Review and talk about the contract page by page with your REALTOR® in order know the dates and times that are specified for the buyer and seller.