Contract date vs ratified/signed date

[residentialguy]

So you leave that field blank on the 1004?/

No. That was just for JGrant because she usually comes in under contract, so the contract is just an illusion.

 

[J Grant]

No. That was just for JGrant because she usually comes in under contract, so the contract is just an illusion.

Lol if i "usually come in under contract" I would still not be working as an appraiser Happy New Year

 

[J Grant]

You are incorrect but OK. Show me one shred of evidence that you are correct. Have you ever received an addenda to the contract changing the price or concessions after you submitted your report? If you do you will notice that at the top of the standard addenda form is says something to the effect of "this is an addenda to the contract dated zzz". And it is ALWAYS the date the contract was written not the date it was ratified by signature. Me thinks you can receive a bit of CE by reading what Fernando stated earlier in his comments.

????
You show me your evidence that a more recent dated addendum instead uses the first date the contract was written!! The last date of a contract terms or price change that both parties sign , ether it is crossed out in the main contract /initialed or an addendum, is the last contract enforceable date.

if the original agreed on price of house was 350k both parties signed on July 1, 2002, and then inspection reveals repair costs greater than contingency, so the seller reduces the price to a new lower price ( $340,,000 on an addendum to the contract , both parties signed to agree to the new price on July 10, 2022.

What is the legally enforceable contract price and date now ?

 

[J Grant]

Addendum to the Contract: Everything You Need to Know

Addendum to the contract, also called contract amendment or an amending agreement, is any document added after the signing of the agreement to modify its terms.

www.upcounsel.com

 

[J Grant]

What Is The Effective Date Of A Real Estate Contract? (Question) - Signature Group Realty & Property Management - Home

The effective date of the contract is the date when the last element (typically communicating acceptance to the other party) is made after the other three

www.signaturegrouprealty.net

Read the above for how complex contracts are and that there are actually a series of "mini contracts" within a sale contract, each mini contract having a performance date. For example, there might be a clause that buyer has to apply for financing within 10 days of the contract date. If the buyer does not do so, the contract can be null and void and buyer can lose their good faith deposit for failure to perform

We are not lawyers, so when the appraisal asks for contract date, it should be by common sense the date both parties sign ( since only one party signature on a contract is not legally binding ) and the last date changes of terms or price is signed by both parties is usually considered the final contract date - which is why lenders will often ask appraisers to enter the new date when a more recent contract addendum signed by both parties is added, esp if it is a purchase price change.

 

[J Grant]

You are incorrect but OK. Show me one shred of evidence that you are correct. Have you ever received an addenda to the contract changing the price or concessions after you submitted your report? If you do you will notice that at the top of the standard addenda form is says something to the effect of "this is an addenda to the contract dated zzz". And it is ALWAYS the date the contract was written not the date it was ratified by signature. Me thinks you can receive a bit of CE by reading what Fernando stated earlier in his comments.

What is your bg?
I sold RE for for over 5 years before becoming an appraiser so had lots of experience with preparing contracts, having the parties sign including dated addendums the process all the way up till closing.

 

[residentialguy]

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Lol if i "usually come in under contract" I would still not be working as an appraiser Happy New Year

Happy New Year, my friend

 

[Tom D]

from my former broker days, the date at the top of the agreement of sale is the date the offer to purchase was made (it's not a contract yet). the last signature date by both parties is the date of a legal binding 'contract'. read some basic contract law. when you analyze the contract you should state the date the offer was made in that block. the last signature date of all the parties involved, at the end, is the date of the contract that goes on a different line, it being the 'date of contract' line. the reason to know both is in case there has been a long time period between the offer date and contract date. why do you think there are 2 different areas for dates? this is basic contract law, you dopes.

 

[jay trotta]

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?

IMO- reading the Contract and addendum within allows you to understand the "Terms & Conditions" of the contract. There are generally dates within the contract for "specific things to be done" (IE: home inspection, mortgage rates & requirements, etc) when all the Terms & Conditions are complete with or without any changes, you have an "effective date" via B&S initials & date. IF there were to be any further negotiations they would be as of the Buyer & Seller initials and date, thus the effective date.
Just my opinion

 

[J Grant]

from my former broker days, the date at the top of the agreement of sale is the date the offer to purchase was made (it's not a contract yet). the last signature date by both parties is the date of a legal binding 'contract'. read some basic contract law. when you analyze the contract you should state the date the offer was made in that block. the last signature date of all the parties involved, at the end, is the date of the contract that goes on a different line, it being the 'date of contract' line. the reason to know both is in case there has been a long time period between the offer date and contract date. why do you think there are 2 different areas for dates? this is basic contract law, you dopes.

Agree

Plus, common sense indicates an offer to purchase by one party only (buyer) is toothless even when the offer is written out on a sale contract. Because without seller acceptance and signature (and in some states, delivery), the "contract" signed only by a buyer is nothing more than a piece of paper.

Because if a contract to purchase only signed by a buyer had legal standing, any of us can print out a contract, sign it and put in our neighbor's house as the property - does anyone of adult capacity believe the neighbor would honor it or a court enforce it ? ( a rhetorical Queston )