Once you have accepted an offer on your home or condo, the effective date becomes extremely important to you. That date is the day the of “meeting of the minds”
It is the day the last party signed or initialed the offer and with this, the offer became a legal binding contract.
So, now you have to watch for dead lines and I recommend that you ask your realtor for a list of these deadlines.
Most likely your contract state the timeframe
For the buyer to apply for a loan
For the lender to issue a commitment letter
For an escrow deposit to be made
Or a timeframe for home inspection to be done
Or termite inspection
Or title search
Or application to the condo association
You get the picture.
All these dead lines are extremely important and most contracts state
that when you miss one, you are in default and that can have serious consequences.
Make sure you know if the contract you are using is counting calendar days (FARBAR) or business date (FAR)
Also, if the other party is in default, you want to give the written notice of this as soon as possible. So, later on, they can not say “Well, nobody said anything so we thought it was ok.”