Offer Letter Closing Date (Required or Optional?)
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Hello All,
Is it absolutely mandatory that the closing date deadline is stated in your blind offer in the state of Florida. If I left it out, would that essentially give me an infinite amount of time to close?
Thanks,
Tim
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Timothy Larsen I've never seen a contract of any kind that didn't include some kind of end date in it. I can't say if it's technically "legal" to do it this way, but it would be highly unusual.
Even if a closing deadline wasn't required, would you really want someone coming back to you 15 years later, demanding that you fulfill your promise to buy from them? Seems somewhat foolish to omit this detail.
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Matt Payne actually is something that I was wondering myself too (always in case allowed by Law). Same doubt for the expiry date on the purchase agreement.....is there any reason why to put it or could I consider to not include, in order to allow also the late sellers to accept te offer?
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I always put an offer expiration date (and a right to cancel anytime before closing) in my offer letter / agreement. But, I do not put a closing date. Once I have an accepted offer, I will communicate to the owner / seller the timeline and closing date once I have a) secured the mobile notary for a self-close or b) agreed a date with my chosen title company.)
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Thanks all who replied. Looks like the contract expiration date should be on there, but it’s not necessary to include a closing date deadline.
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Arturo, I'm definitely not a lawyer, but perhaps you could add the words "...unless extended by mutual agreement of all parties" after your expiration date, in order to convey to the procrastinators that they haven't necessarily missed out if the expiration date has already passed, if that's the concern you're trying to address.
Also, due to extended delays in mail delivery, I received a seller's signed offer back after my expiration date one time, so I signed and dated my signature as the Buyer after the expiration date, as well. For unrelated reasons, I ended up reviewing that particular signed agreement with a real estate attorney, and I asked him whether the fact my signature was dated after the expiration would affect the enforceability of the document. My own understanding of that one attorney's opinion in that one case, was that it had no effect on the validity of the contractual agreement between the seller and myself, but anyone can take that for whatever it's worth.
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David Ludwig thank you very much for your advice
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