Q: I'm selling vacant land. I received an offer dated 3/7/18. I sent it back with revisions & signed by me on 3/8.
Buyer sent back "initialing" my revisions and accepting the contract dated 3/9/18 at 6:02 pm. Buyers now want to back out using 20 days from "effective date" to bail without any reason provision. They notified my realtor in writing by email, as required of the contract, of this on 3/28/18. They are also requesting their deposit back. What is the effective date on this contract, 3/7, 3/8 or 3/9? What would be the 20th day? The realtors are saying that the finalized contract date was the 9th and that I was "presented" the finalized contract on the 10th and so the 10th is the effective date. They are then claiming that I was notified within the required time limit and the deposit is refundable. What is accurate here?
A: The effective date of the Contract is typically the last date a party signs, unless otherwise specifically stated in the Contract. It seems like the cancellation was timely, but you would really need to have the Contract reviewed by an attorney to give you an exact answer.
A: For something this complex, you really need to consult with an attorney face to face to have the contract reviewed and then get advice as to its effective date.
A: What does your ATTORNEY representing you in the sale say? Realtors are nothing and cannot give legal advice, even what an effective date is. Realtors also only need have a high school education to be licensed. No one can say online if buyers accepted or not, or what 20 days you are referring to. There is no 20 "backsies" provision in a real estate contract.
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