Contract Dates & Deadlines

CONTRACT DATES & DEADLINES

This article outlines the dates, deadlines and buyer or seller responsibilities involved in the Contract to Buy a Denver property and explains when each event should relatively be completed. Please use this along with your CTMeCalendar as a checklist to ensure you don't miss any important legal deadlines. If you're currently filling out a Contract to Buy/Sell, reference each of these items in the body of the contract.

Acceptance Deadline Date & Time

Responsible Party: Seller
Date Range : Usually 1-3 days after offer submission
Contract Section: 27
Contract Language: "This proposal shall expire unless accepted in writing, by Buyer and Seller, as evidenced by their signatures below, and the offering party receives notice of acceptance pursuant to § 26 on or before Acceptance Deadline Date (§ 2c) and Acceptance Deadline Time (§ 2c). If accepted, this document shall become a contract between Seller and Buyer. A copy of this document may be executed by each party, separately, and when each party has executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties."

Explanation: The date & time in which an offer expires unless accepted in writing by the seller.

Loan Application Deadline

Responsible Party: Buyer
Date Range : 2-4 Days after contract acceptance
Contract Section: 5a
Contract Language: "If Buyer is to pay all or part of the Purchase Price by obtaining a new loan, or if an existing loan is not to be released at Closing, Buyer, if required by such lender, shall make a verifiable application by Loan Application Deadline (§ 2c)."

Explanation : The buyer must apply for a loan by this date. I always recommend seeing a lender before the buying process begins so this date should be met before an offer is made.

Inspection & Cost Estimates

Responsible Party: Buyer
Date Range : 3-6 Days after acceptance
Contract Section: N/A
Contract Language: Not listed in contract. This date is implied by the Inspection Objection Deadline.

Explanation: The home inspection is not required but is highly recommended. This allows the buyer to evaluate the home for any problems. If any problems exist and the buyer is still interested in the home, cost estimates should be received to better evaluate the need for further negotiation.

Home Inspection
Plumbing Inspection
Electrical Inspection
Improvement Location Certificate

Off Record Matters Deadline

Responsible Party: Seller
Date Range : Same as Title Deadline
Contract Section: 8b
Contract Language: "Matters not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off-Record Matters Deadline (§ 2c) true copies of all leases and surveys in Seller's possession pertaining to the Property and shall disclose to Buyer all easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or other title matters (including, without limitation, rights of first refusal, and options) not shown by the public records of which Seller has actual knowledge. Buyer shall have the right to inspect the Property to determine if any third party has any right in the Property not shown by the public records (such as an unrecorded easement, unrecorded lease, or boundary line discrepancy)."

Explanation: Any documents or issues known by the seller but not in the public record must be disclosed by this date. An example of this would be any type of oral agreement between neighbors or friends to allow the use of land or property. If the agreements is not legally recorded it must be disclosed by the seller to the buyer by this date.

Inspection Objection Deadline

Responsible Party : Buyer
Date Range : 7-10 Days after acceptance
Contract Section: 10a
Contract Language: "Buyer shall have the right to have inspections of the physical condition of the Property and Inclusions, at Buyer's expense. If the physical condition of the Property or Inclusions is unsatisfactory in Buyer's subjective discretion, Buyer shall, on or before Inspection Objection Deadline (§ 2c):
(1) notify Seller in writing that this contract is terminated, or
(2) provide Seller with a written description of any unsatisfactory physical condition which Buyer requires Seller to correct (Notice to Correct).
If written notice is not received by Seller on or before Inspection Objection Deadline (§ 2c), the physical condition of the Property and Inclusions shall be deemed to be satisfactory to Buyer."

Explanation: If buyer chooses to have an inspection done on the property, the buyer must object to any unsatisfactory findings on or before this date. An inspection may reveal issues with the property that are unsatisfactory to the buyer. These issues must be listed along with a proposed action for the seller to remedy. This is a negotiation and both parties will need to agree on a resolution by the Resolution deadline or the contract will terminate.

Inspection Resolution Deadline

Responsible Party: Buyer/Seller
Date Range : 2-3 Days after Inspection Objection Deadline
Contract Section: 10b
Contract Language: "If a Notice to Correct is received by Seller and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Resolution Deadline (§ 2c), this contract shall terminate one calendar day following the Resolution Deadline (§ 2c), unless before such termination Seller receives Buyer's written withdrawal of the Notice to Correct."

Explanation: See above: Inspection Objection Deadline. All inspection issues must be resolved by this date. The buyer may decide to back out of the contract or the buyer and seller may agree to have items fixed, lower the sales price or any combination of the two.

Survey Objection Deadline

Responsible Party: Buyer
Date Range : 5-7 Days Prior to closing
Contract Section: 8c
Contract Language: "Buyer shall have the right to inspect Survey. If written notice by or on behalf of Buyer of any unsatisfactory condition shown by Survey, notwithstanding § 8b or § 12, is received by Seller on or before Survey Objection Deadline (§ 2c) then such objection shall be deemed an unsatisfactory title condition. If Seller does not receive Buyer's notice by Survey Objection Deadline (§ 2c), Buyer accepts Survey as satisfactory."

Explanation: If the buyer has any objections or issues with the property survey, the objection must be received by the seller on or before this date.

Loan Commitment Deadline

Responsible Party: Buyer
Date Range : 3-5 days before closing
Contract Section: 5b
Contract Language: "If Buyer is to pay all or part of the Purchase Price by obtaining a new loan as specified in § 4b, this contract is conditional upon Buyer obtaining a written loan commitment. This condition shall be deemed waived unless Seller receives from Buyer, no later than Loan Commitment Deadline (§ 2c), written notice of Buyer's inability to obtain such loan commitment."

Explanation: This is the date for final loan approval. This date is close to the closing date so the buyer can make every effort to obtain the proper financing.

Closing Date

Responsible Party: Buyer/Seller
Date Range : 30-45 days after acceptance
Contract Section: 11
Contract Language: "Delivery of deed from Seller to Buyer shall be at closing (Closing). Closing shall be on the date specified as Closing Date (§ 2c) or by mutual agreement at an earlier date."

Explanation: Closing is the end result of the other dates up to this point. The deed is transferred and loan papers are signed. After closing, the transaction is complete and the buyer can take possession at the below date and time.

Seller's Property Disclosure Deadline

Responsible Party: Seller
Date Range : 1-2 Days After Acceptance
Contract Section: 10
Contract Language: "On or before Seller's Property Disclosure Deadline (§ 2c), Seller agrees to provide Buyer with a Seller's Property Disclosure form completed by Seller to the best of Seller's current actual knowledge."

Explanation: The seller of a property has until this deadline to complete their property disclosure. This disclosure outlines the details about the condition of the home and any problems known by the seller.

Title Deadline

Responsible Party: Seller/Title Company
Date Range : 7-10 Days after acceptance
Contract Section: 7a
Contract Language: "On or before Title Deadline (§ 2c), Seller shall cause to be furnished to Buyer, at Seller's expense, a current commitment for owner's title insurance policy (Title Commitment) in an amount equal to the Purchase Price"

Explanation: Any information relating to the title of the property being sold must be obtained by this date.

Document Request Deadline

Responsible Party: Seller
Date Range : 1-2 Days After Title Deadline
Contract Section: 7b
Contract Language: "(1) a copy of any plats, declarations, covenants, conditions and restrictions burdening the Property, and (2) if a title insurance commitment is required to be furnished. Seller shall have the obligation to furnish these documents pursuant to this subsection if requested by Buyer any time on or before Document Request Deadline (§ 2c). This requirement shall pertain only to documents as shown of record in the offices of the clerk and recorder. The abstract or title insurance commitment, together with any copies or summaries of such documents furnished pursuant to this section, constitute the title documents (Title Documents)."

Explanation: Based on the contents of the title documents, the buyer may request additional documents. This request must be made by this date and can only pertain to documents on record with the county clerk and recorders office.

Property Insurance Objection Deadline

Responsible Party: Buyer
Date Range : 2-5 Days after acceptance
Contract Section: 10c
Contract Language: "This contract is conditioned upon Buyer's satisfaction, in Buyer's subjective discretion, with the availability, terms, conditions and premium for property insurance. This contract shall terminate upon Seller's receipt, on or before Property Insurance Objection Deadline (§ 2c) of Buyer's written notice that such insurance was not satisfactory to Buyer. If said notice is not timely received, Buyer shall have waived any right to terminate under this provision."

Explanation: Before this date, the buyer should verify that their insurance company will insure the property as well as the buyers if they own the property. Certain circumstances my exist that would prevent an insurance company from covering a property and it is best to learn these issues right away.

Survey Deadline

Responsible Party: Buyer/Seller
Date Range : 5-7 Days Prior to closing
Contract Section: 7c
Contract Language: "On or before Survey Deadline (§ 2c) Seller or Buyer shall cause Buyer and the issuer of the Title Commitment or the provider of the opinion of title if an abstract, to receive a current Improvement Survey Plat or Improvement Location Certificate."

Explanation: If an improvement location certificate or survey is required the cost will be split as stated in the contract and the seller agrees to provide the results to the buyer by this date.

Governing Documents & Title Objection Deadline

Responsible Party: Buyer
Date Range : 2-4 Days after Title Deadline
Contract Section: 7d
Contract Language: "Seller shall cause to be furnished to Buyer, at Seller's expense, on or before Title Deadline (§ 2c) a current copy of the owners' association declarations, bylaws, rules and regulations, party wall agreements, minutes of most recent annual owners' meeting and minutes of any directors' meetings during the 6 month period immediately preceding the Title Deadline, if any, most recent financial documents consisting of (a) annual balance sheet, (b) annual income and expenditures statement, and (c) annual budget, if any."

Explanation: This date covers 2 different activities:
First, the Governing Documents deadline is the last date the Seller shall furnish to Buyer, at Seller's expense, a current copy of the owner's association declarations, bylaws, rules and regulations, party wall agreements and most recent financial documents, if any. If the buyer finds problems or concerns with the information in these documents, written notice of the unsatisfactory provision(s) must be presented to Seller on or before this date.
The second is the Title Objection Deadline. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of any unsatisfactory title condition shown by the Title Documents shall be signed by Buyer and given to Seller on or before this date. (Reference contract section 8-a)

Off-Record Matters Objection Deadline

Responsible Party: Buyer
Date Range : Same as Title Objection Deadline
Contract Section: 8d
Contract Language: "In the event the Property is located within a special taxing district and Buyer desires to terminate this contract as a result, if written notice is received by Seller on or before Off-Record Matters Objection Deadline (§ 2c), this contract shall then terminate. If Seller does not receive Buyer's notice by such date, Buyer accepts the effect of the Property's inclusion in such special taxing district and waives the right to terminate."

Explanation : Written notice of any unsatisfactory condition(s) disclosed by Seller or revealed by Off-Record Matters Deadline shall be signed by Buyer and given to Seller on or before this date. If Seller does not receive Buyer's notice by this date, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual knowledge. (Reference Contract section 8-b)

Appraisal Deadline

Responsible Party: Buyer/Lender
Date Range : 5-7 Days Prior to closing
Contract Section: 6a4
Contract Language: "Buyer shall have the sole option and election to terminate this contract if the Purchase Price exceeds the Property's valuation determined by an appraiser engaged by Buyer. The contract shall terminate by Buyer giving Seller written notice of termination and either a copy of such appraisal or written notice from lender that confirms the Property's valuation is less than the Purchase Price, received on or before Appraisal Deadline (§ 2c). If Seller does not receive such written notice of termination on or before Appraisal Deadline (§ 2c), Buyer waives any right to terminate under this subsection."

Explanation: If box 6-a-4 is checked, Buyer shall have the option to terminate this contract if the Purchase Price exceeds the Property's valuation determined by an appraiser. Termination of this contract must be received in writing by the Appraisal Deadline.

Possession Date & Time

Responsible Party: Buyer/Seller
Date Range : Same day as closing, when possible
Contract Section: 16
Contract Language: "Possession of the Property shall be delivered to Buyer on Possession Date and Possession Time (§ 2c)"

Explanation: The date & time when the buyer may begin to take possession of the property.