When it comes to BUYING or SELLING real estate there are 5 important dates to know !
5 important dates to know ??
- The 5 Important Dates to know are :
- Acceptance Date
- Subject Removal Date
- Completion Date
- Possession Date (Move in Day)
- Adjustment Date
These dates can be set 1 day – 1 year apart from each other, but they must follow the numerical order that you see them above (Possession and Adjustment can happen on the same day).
1) Acceptance Date
This is the date when the buyer(s) and seller(s) agree on an offer price and conditions (subjects). Most offers are conditional, meaning that the buyers need to be satisfied with specific conditions outlined in the offer. Some examples of conditions are: 1) Home inspection, 2) Financing and 3) Reviewing Property Documents. The length of time varies from each sale but generally 5 business days from acceptance date.
2) Subject Removal Date
This is the end of the conditional (Subject) period when the buyer(s) remove the conditions from their offer is referred to as the “Subject Removal”,therefore making the accepted offer unconditional. With the Buyer removing all conditions (Subjects) the Buyer also has the responsibility to pay the purchase price on the Completion Date set out in the offer. It is none other than the buyers responsibility to fulfill all the requested conditions before “Subject Removal Date”. If the buyer(s) do not satisfy all the outlined conditions and remove all the subjects the deal will collapse.
3) Completion Date
The Completion Date is when the buyer pays the full outstanding purchase price and becomes the new registered owner of the property by transfer of title. The buyer(s) will now take ownership and the seller(s) give up ownership.
4) Possession Date ( Move In Day )
Move in time is outlined in the Contract Of Purchase And Sale (CPS) and usually starts as early as 9 am on Possession day. It is the seller(s) responsibility to vacate the home and to arrange have to have all of their belongings out of the home so the buyer(s) can take possession of their new home.
5) Adjustment Date
The adjustment date usually lands on the same day as the possession date. This is the day when the buyer(s) assumes and pays all taxes, rates, local improvement assessments, fuel utilities and other charges.
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Chris McRae Personal Real Estate Corporation
Homelife Advantage Realty Ltd
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