date of contract: offer, acceptance, or closing date?

[elvisdumbledore]

I have spent most of my appraising career performing proposed residential construction appraisals for spec builders, which rarely had sales contracts attached. Since those are few and far between these days I have started branching out to refinance and purchase appraisals. I recently performed an appraisal for the purchase of a home that is currently under contract. The lender asked that I change the "date of contract" to the correct date. I believe that the date I used was the correct one, but I would like to quote the guidelines in my response to the lender and am having trouble finding the appropriate reference. Could someone please point me in the right direction?

Thanks

 

[RustNeverSleeps]

I'm not sure where it is written, or how it works in your state, but in Texas the date of contract for resale properties is the execution date (date receipted with a title company - this is in the contracts). On new construction contracts, the date of contract is stated somewhere (usually the first page and can differ from signing dates) as they use their own contract. Hope that helps...

 

[Lee Lansford]

The date of the contract is the date when the parties came to a meeting of the minds: the date the offer is accepted and signed by the seller.

 

[hglenbetts]

The date of the contract is the date when the parties came to a meeting of the minds: the date the offer is accepted and signed by the seller.

I agree with Lee here.

Written acknowledgment of agreement.

 

[VegasWayne]

If you used the date on the contract and they say it is wrong, it may be because there is a counter-offer that was not made available to you. Ask your client what the correct date is and where they found it.

 

[timd354]

The date of the contract is the date when the parties came to a meeting of the minds: the date the offer is accepted and signed by the seller.

That is exactly correct, though, in the case of a counter offer by the seller, the date of the contract would be the date that the counter offer is accepted and signed by the buyer....the key is there is no contract until their is an offer an acceptance, the date that the acceptance of the offer (or counteroffer) occurs is, in essence, the birth date of a contract.

 

[Lee Lansford]

That is exactly correct, though, in the case of a counter offer by the seller, the date of the contract would be the date that the counter offer is accepted and signed by the buyer....the key is there is no contract until their is an offer an acceptance, the date that the acceptance of the offer (or counteroffer) occurs is, in essence, the birth date of a contract.

Yep, you are correct.

 

[CSP 49]

Like the others said, the date the last person signs the last change, counter, addendum, etc. making it fully executed.

Many of our FAR/BAR contracts in FL have a space on the contract giving the date of contract. Not in terms of completing the appraisal, but this is important to get the date right because it starts the clock ticking for many things such as home inspection, WDO inspection, loan application, etc.

 

[timd354]

Like the others said, the date the last person signs the last change, counter, addendum, etc. making it fully executed.

Many of our FAR/BAR contracts in FL have a space on the contract giving the date of contract. Not in terms of completing the appraisal, but this is important to get the date right because it starts the clock ticking for many things such as home inspection, WDO inspection, loan application, etc.

Our standard MAR contract contains a similar space for the date of contract, but the real estate agents often put an incorrect date in this space.

 

[Terrel L. Shields]

I use the date of the signatures on the bottom of the contract, i.e.- the last date for "date of contract"

I use "date of sale" in comps as the deed document date or closing date. After all, they can fall apart and be renegotiated at the closing table on closing day so I don't presume that the date of the "meeting of minds" is a proper measure of the date of the sale and frequently you cannot verify that date without the closing statement.