During: Buying Process Overview: Contract to Close: General
Contract to Close
The following is a visual representation of the General process when buying homes as a Nomad. It is part of the Contact to Close process that you’d use once you are under contract to buy a property.
Contract to Close:
General
And, here is the visual representation of the General process.
Let’s look at each step in more detail.
Contract To CloseContract To Close: GeneralUltimate Nomad ChecklistWeek 13
We typically use 1 or 2 days from the time the offer is submitted as this deadline, but will often be flexible based on the Seller's needs. We sometimes will be a little more aggressive with this date if it is advantageous for us to do so.
https://RealEstateFinancialPlanner.com/acceptance-deadline-date/
Contract Deadline: Acceptance Deadline DateContract To Close: GeneralUltimate Nomad ChecklistWeek 13
We typically use 6 PM MST for this deadline although it does vary quite a bit depending on the situation.
https://RealEstateFinancialPlanner.com/acceptance-deadline-time/
Contract Deadline: Acceptance Deadline TimeContract To Close: GeneralUltimate Nomad ChecklistWeek 13
We typically use "MEC + 2 Days" for the "Alternative Earnest Money Deadline" so that you can have two days after the contract is accepted to get your Earnest Money to the Earnest Money Holder.
IMPORTANT NOTE: If you're traveling or unable to perform on 2 days after acceptance the time to tell your Real Estate Broker is before you write your offer (not after). It is not a good start to the relationship with the Seller to have to change a deadline right after going under contract.
https://RealEstateFinancialPlanner.com/alternative-earnest-money-deadline/
Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13
Acceptance Deadline Date
The Acceptance Deadline Date is the date deadline for both Buyer and Seller to have signed and accepted the contract.
We typically use 1 or 2 days from the time the offer is submitted as this deadline, but will often be flexible based on the Seller's needs. We sometimes will be a little more aggressive with this date if it is advantageous for us to do so.
https://RealEstateFinancialPlanner.com/acceptance-deadline-date/
Contract Deadline: Acceptance Deadline DateContract To Close: GeneralUltimate Nomad ChecklistWeek 13
Contract Deadline: Acceptance Deadline DateUltimate Nomad ChecklistWeek 13
Also, you should be preparing for getting your loan and arranging for the Down Payment you'll need for Closing.
Contract Deadline: Acceptance Deadline DateUltimate Nomad ChecklistWeek 13
Acceptance Deadline Time
The Acceptance Deadline Time is the time deadline for both Buyer and Seller to have signed and accepted the contract.
We typically use 6 PM MST for this deadline although it does vary quite a bit depending on the situation.
https://RealEstateFinancialPlanner.com/acceptance-deadline-time/
Contract Deadline: Acceptance Deadline TimeContract To Close: GeneralUltimate Nomad ChecklistWeek 13
Contract Deadline: Acceptance Deadline TimeUltimate Nomad ChecklistWeek 13
Alternative Earnest Money Deadline
The Alternative Earnest Money Deadline is the deadline for having Earnest Money with the Earnest Money Holder.
We typically use "MEC + 2 Days" for the "Alternative Earnest Money Deadline" so that you can have two days after the contract is accepted to get your Earnest Money to the Earnest Money Holder.
IMPORTANT NOTE: If you're traveling or unable to perform on 2 days after acceptance the time to tell your Real Estate Broker is before you write your offer (not after). It is not a good start to the relationship with the Seller to have to change a deadline right after going under contract.
https://RealEstateFinancialPlanner.com/alternative-earnest-money-deadline/
Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13
Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13
This must be done prior to the Alternative Earnest Money Deadline specified in the "Contract to Buy and Sell Real Estate". The amount of Earnest Money is also specified in the contract.
Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13
Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13
"YYYY-MM-DD - 1234 Main St - Earnest Money Receipt.pdf"
Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13
Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13
See the Title group of Dates and Deadlines.
IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado and is based on the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.