When the final signature is obtained on the final counter offer, we have mutual acceptance, and a legally binding contract is formed.
Regardless of how the final signatures are obtained; fax and email are permitted, those final signature set set time clock in motion for the purchase transaction. Every time period in the purchase contract is counted from the date of mutual acceptance.
The standard California purchase contract states that escrow will be opened and the buyer’s earnest money deposit check delivered to escrow within 3 days of mutual acceptance. The standard California purchase contract states that the buyer will obtain all inspections and remove the inspection contingency within 17 days of mutual acceptance. The standard purchase contract also states the buyer will obtain full loan approval and remove the financing contingency within 17 days of mutual acceptance.
The length of the time periods is sometimes changed during counter offer negotiations; but the date of mutual acceptance as the starting point is a constant.
As your agent, we will ensure that your earnest money deposit check and the complete purchase contract is delivered to the escrow officer as quickly as possible.
Would you like to know more? Call Bob Taylor Properties at 323-257-1080 or email at email@example.com