One huge perk of working with a good agent is their knowledge and experience with the Buy-Sell contract and their working knowledge of the deadlines involved. Let’s talk a bit about them and what they could mean in your transaction.
The Buy-Sell is one of the largest and most important contracts that you’ll sign as both the buyer and seller in a transaction. To get a more detailed overview of this document, you can visit our previous blog.
There are several deadlines on the Buy-Sell, but perhaps the most important have to do with the Inspection Contingency. It should be noted that most commonly in the state of Montana, the cutoff is at 5pm on the day of the deadline.
The first inspection deadline is the date by which you must have gotten the home inspected and any other due diligence the buyer would like done, and an Inspection Notice is to be provided by (if that is the route the buyers choose). If the buyers would like the home looked at and any issues investigated, they must either have it all done by 5pm on this date, or they must get permission for an extension from the sellers.
The second inspection deadline is the Resolution Deadline. By 5pm on this date all negotiations must be resolved. This means that if a buyer chooses to request anything be done in an Inspection Notice, the buyers and sellers must come to an agreement on what is to be done and by when. If the buyers provide an Inspection notice, and the sellers do not respond or they cannot come to a resolution, the buyers must choose to either provide a Release of Contingency and not get what they asked for in the Notice, or the sale fails when the deadline passes.
The potential for a sale failure is why I think these deadlines are the most important to pay attention to in the Buy-Sell, as they can easily be overlooked by buyers. This is, once again, a great reason to have a good agent representing you.
I hope this helps you understand the importance of deadlines, and as always: the more you know the better off you’ll be.