Contract date vs ratified/signed date

[mp2277]

Typically there are a few days between contract and ratified dates. I use the contract date because the form says " contract date" and addenda's always refer to the contract date by reference not ratified date. Which do you guys use. Recently I've gotten a couple revision requests wanting me to use the ratified date. I know it's easy enough to just comply but just because some underwriter requests it doesn't make it correct. Thoughts?

 

[Charles West]

Depends on the contract and what was the time period between the writing of the contract and the date of the last signatory. Usually, the date of acceptance is the true date because the contract is not considered to exist until all signatures are in place.

 

[Fernando]

When wearing agent hat, contract date is the first date contract was written. That's the correct legal way.
Appraisers are confused and this is what I do. I put the contract date as what an agent would do and then make comments of ratified dates including later ratified dates for counter offers.
If reviewer wants ratified date, then put ratified date. Doesn't make any difference to a nonlegalese appraiser.

 

[J Grant]

Typically there are a few days between contract and ratified dates. I use the contract date because the form says " contract date" and addenda's always refer to the contract date by reference not ratified date. Which do you guys use. Recently I've gotten a couple revision requests wanting me to use the ratified date. I know it's easy enough to just comply but just because some underwriter requests it doesn't make it correct. Thoughts?

What do you mean by "contract date"

And what do you mean by "ratified date"

A contract is not considered a valid, legally enforceable contract until BOTH parities sign., The date of the last signature by one of the parties is typically considered the contract date - because both parties may not sign a contract on the same date.

 

[Fernando]

What do you mean by "contract date"

And what do you mean by "ratified date"

A contract is not considered a valid, legally enforceable contract until BOTH parities sign., The date of the last signature by one of the parties is typically considered the contract date - because both parties may not sign a contract on the same date.

As I said, appraisers are confused.
Legal date for contract date is the date on the contract was made. You can have as many counter offer dates but we refer to the original contract with that date.
Do what I mentioned and you'll be fine.

 

[J Grant]

When wearing agent hat, contract date is the first date contract was written. That's the correct legal way.
Appraisers are confused and this is what I do. I put the contract date as what an agent would do and then make comments of ratified dates including later ratified dates for counter offers.
If reviewer wants ratified date, then put ratified date. Doesn't make any difference to a nonlegalese appraiser.

Agents are not lawers. Agents can use "contract date" as a kind of slang for when the buyer first makes an offer, which is a contract signed by the buyer alone with their price and terms. But it is at that point just an offer to purchase, it is not a legally binding contract until the seller also signs ( both parties need to sign)

If the seller counter offers, it changes the terms of the original offer and now the buyer has to agree to the new terms and sign. Both parties have to sign on the accepted contract terms and price and some contracts have several prices or terms crossed out or addendums added and if it is an addendum the last signing of addendum of amended terms is considered the enforceable contract date.
I used to sell RE as an agent - sold inin NYC before I came to FL , in N at the time attorneys wrote the contracts, in FL the agents typically prepare them with their borrower for an offer and then on the seller side advise seller for acceptance

 

[J Grant]

As I said, appraisers are confused.
Legal date for contract date is the date on the contract was made. You can have as many counter offer dates but we refer to the original contract with that date.
Do what I mentioned and you'll be fine.

Where are you getting this info show me a link or attorney opinion. The "legal date" of an offer to purchase contract is the buyer fills it out with their price and terms on X day and date, then the contract gets submitted to the seller, with typically a deadline, 48 hours or whatever, countdown from X date for the seller to agree to offer and sign- only when the seller signs it is a legally enforceable contract.

For appraisals, I write the contract date as the last date the second party signed the contract (could be either buyer or seller) . Which sounds like what the UW wanted and they were correct.

 

[Fernando]

You can put what date you want. Just make comment on contract date and counter offer ratified date. Readers need to be hand held to what's happening.

 

[mp2277]

As I said, appraisers are confused.
Legal date for contract date is the date on the contract was made. You can have as many counter offer dates but we refer to the original contract with that date.
Do what I mentioned and you'll be fine.

I agree 100% and this is what I have always done. It's strange that recently I am getting some pushback from lenders.

 

[J Grant]

I agree 100% and this is what I have always done. It's strange that recently I am getting some pushback from lenders.

Strange that recently you are getting pushback from lenders-? you were wrong all these years and they are finally noticing -the contract date is the last date the second party to the deal signed - a contract needs both parties signatures to be legally enforceable.