Below are the dates and responsibilities involved in the buying and selling of your Colorado home. The dates below also include information about when each event should reasonably be completed, so you can use it as a checklist to make sure you haven't missed anything. All of these deadlines are very important, but it is my job as your real estate agent to keep track of them and I will guide you through each step.
Acceptance Deadline Date & Time
The date & time in which an offer expires unless accepted in writing by the seller.
Responsible Party: Seller
Date Range : Usually 1-3 days after offer submission
Contract Section: 27
Sellers Property Disclosure Deadline
The seller of a property has until this deadline to complete their property disclosure. This disclosure outlines the details about the condition of the home and any problems known by the seller.
Responsible Party: Seller
Date Range : 1-2 Days After Acceptance
Contract Section: 10
Loan Application Deadline
The buyer must apply for a loan by this date. I always recommend seeing a lender before the buying process begins so this date should be met before an offer is made.
Responsible Party: Buyer
Date Range : 2-4 Days after contract acceptance
Contract Section: 5a
Title Deadline
Any information relating to the title of the property being sold must be obtained by this date.
Responsible Party: Seller/Title Company
Date Range : 7-10 Days after acceptance
Contract Section: 7a
Inspection & Cost Estimates
The home inspection is not required but is highly recommended. This allows the buyer to evaluate the home for any problems. If any problems exist and the buyer is still interested in the home, cost estimates should be received to better evaluate the need for further negotiation.
Responsible Party: Buyer
Date Range : 3-6 Days after acceptance
--Home Inspection
--Plumbing Inspection
--Electrical Inspection
--Improvement Location Certificate
Document Request Deadline
Based on the contents of the title documents, the buyer may request additional documents. This request must be made by this date and can only pertain to documents on record with the county clerk and recorders office.
Responsible Party: Seller
Date Range : 1-2 Days After Title Deadline
Contract Section: 7b
Off-Record Matters Deadline
Any documents or issues known by the seller but not in the public record must be disclosed by this date. An example of this would be any type of oral agreement between neighbors or friends to allow the use of land or property. If the agreements is not legally recorded it must be disclosed by the seller to the buyer by this date.
Responsible Party: Seller
Date Range : Same as Title Deadline
Contract Section: 8b
Property Insurance Objection Deadline
Before this date, the buyer should verify that their insurance company will insure the property as well as the buyers if they own the property. Certain circumstances my exist that would prevent an insurance company from covering a property and it is best to learn these issues right away.
Responsible Party: Buyer
Date Range : 2-5 Days after acceptance
Contract Section: 10c
Inspection Objection Deadline
If buyer chooses to have an inspection done on the property, the buyer must object to any unacceptable findings of the inspection on or before this date. An inspection may reveal issues with the property that are unsatisfactory to the buyer. These issues must be listed along with a proposed action for the seller to remedy. This is a negotiation and both parties will need to agree on a resolution by the Resolution deadline listed below or the contract will terminate.
Responsible Party : Buyer
Date Range : 7-10 Days after acceptance
Contract Section: 10a
Survey Deadline
If an improvement location certificate or survey is required the cost will be split as stated in the contract and the seller agrees to provide the results to the buyer by this date.
Responsible Party: Buyer/Seller
Date Range : 5-7 Days Prior to closing
Contract Section: 7c
Governing Documents & Title Objection Deadline
This date covers 2 different activities:
First, the Governing Documents deadline is the last date the Seller shall furnish to Buyer, at Seller's expense, a current copy of the owner's association declarations, bylaws, rules and regulations, party wall agreements and most recent financial documents, if any. If the buyer finds problems or concerns with the information in these documents, written notice of the unsatisfactory provision(s) must be presented to Seller on or before this date.
The second is the Title Objection Deadline. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of any unsatisfactory title condition shown by the Title Documents shall be signed by Buyer and given to Seller on or before this date. (Reference contract section 8-a)
Responsible Party: Buyer
Date Range : 2-4 Days after Title Deadline
Contract Section: 7d
Off-Record Matters Objection Deadline
Written notice of any unsatisfactory condition(s) disclosed by Seller or revealed by Off-Record Matters Deadline shall be signed by Buyer and given to Seller on or before this date. If Seller does not receive Buyer's notice by this date, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual knowledge. (Reference Contract section 8-b)
Responsible Party: Buyer
Date Range : Same as Title Objection Deadline
Contract Section: 8d
Resolution Deadline
See above: Inspection Objection Deadline. All inspection issues must be resolved by this date. The buyer may decide to back out of the contract or the buyer and seller may agree to have items fixed, lower the sales price or any combination of the two.
Responsible Party: Buyer/Seller
Date Range : 2-3 Days after Inspection Objection Deadline
Contract Section: 10b
Survey Objection Deadline
If the buyer has any objections or issues with the property survey, the objection must be received by the seller on or before this date.
Responsible Party: Buyer
Date Range : 5-7 Days Prior to closing
Contract Section: 8c
Appraisal Deadline
If box 6-a-4 is checked, Buyer shall have the option to terminate this contract if the Purchase Price exceeds the Property's valuation determined by an appraiser. Termination of this contract must be received in writing by the Appraisal Deadline.
Responsible Party: Buyer/Lender
Date Range : 5-7 Days Prior to closing
Contract Section: 6a4
Loan Commitment Deadline
This is the date for final loan approval. This date is close to the closing date so the buyer can make every effort to obtain the proper financing.
Responsible Party: Buyer
Date Range : 3-5 days before closing
Contract Section: 5b
Closing Date
Closing is the end result of the other dates up to this point. The deed is transferred and loan papers are signed. After closing, the transaction is complete and the buyer can take possession at the below date and time.
Responsible Party: Buyer/Seller
Date Range : 30-45 days after acceptance
Contract Section: 11
Possession Date & Time
The date & time when the buyer may begin to take possession of the property.
Responsible Party: Buyer/Seller
Date Range : Same day as closing, when possible
Contract Section: 16
