As someone who works as a Transaction Coordinator, I am always looking for educational opportunities. I recently attended a contract to close class put on by the St. Louis Association of Realtors for a refresher and to catch up on any new changes that came across this year. This class brought up a lot of good things, but my biggest take away was that many local agents just are not figuring their acceptance deadline correctly.
I can certainly see why this is happening. As someone who looks at contracts from all across the country, I have yet to find one that interprets the Acceptance Deadline like this.
The Acceptance Date is always the date for which was provided to the last party whose signature resulted in a contract (even if that signature was obtained before the deadline). Note- this is unless otherwise agreed upon in writing to something else.
For instance, if you are a buyer’s agent and you give the selling party until February 23rd at 5:00pm to accept the contract and all parties agree and sign on the 20th, your official Acceptance Date is the 23rd. That means all the key dates of your contract should be figured from the 23rd.