Important Property Contract Dates to Remember

What are the key dates I need to be aware of in a property contract?

Reviewing and adhering to these key dates is crucial for the successful execution of the contract. Missing any of these deadlines can result in penalties or termination of the contract, so it is important to stay organised and proactive throughout the process.

Contract Date:

This is the date when all parties involved have signed the contract. It marks the official start of the contractual obligations.Initial

Deposit Due:

This is the date when the initial deposit must be paid, typically on the same day you sign the contract.

Balance Deposit Due:

This is the date the remaining amount of the deposit is payable.

Finance Date:

This is the deadline by which you must secure financing for the purchase. If you are unable to obtain financing by this date, you must notify the Seller to either try to extend the date, or terminate the contract.

Building and Pest Inspection Date:

This is the date by which you must complete any building and pest inspections. You should arrange for qualified professionals to conduct these inspections and report any issues before this date.

Settlement Date:

This is the final date by which the transaction must be completed. On this day, the balance of the purchase price is paid, and the property ownership is transferred from the Seller to you..