Whether you are buying or selling a New Orleans home, every agreement to purchase real estate in Louisiana must be in writing. There are time frames included throughout the contract that every party needs to be aware of and comply with.
What dates are in the contract?
Date the offer is initially written
Act of Sale Date
Contracted date for the closing aka Act of Sale
Time for loan application
Days allowed for the buyer to make complete loan application with the lender of their choice
Date to submit appraisal if value is lower than contracted price
Days allowed for inspections and due diligence period
Number of calendar days allowed for the buyer to do any and all inspections and due diligence, including pricing insurance.
Days allowed for title curative work
In the event that there are title issues that must be resolved before the property can be transferred to a new owner, the contract provides for an automatic extension to the closing date to allow for curative title work.
Expiration date of offer
If a written response is not received from the seller by the expiration date and time, the offer is considered null and void.
Acceptance date of offer
Most dates within the contract are based on the acceptance date, so it’s critical to be sure that all contracts are properly dated.
The contract is very clear that TIME IS OF THE ESSENCE and deadlines are final unless changes/extensions are made in writing and signed by all parties.
Remember, a large part of your agent’s job is to keep everyone on track during the contract period, so don’t be afraid to ask them questions about what comes next in the process.