The Sales Contract is full of deadline dates.
The Acceptance Deadline Date effects the receipt of additional earnest money, loan approval, ordering title insurance, title and survey objections, building inspections, homeowner’s insurance, government inspections, earnest money deposit and the Seller’s Disclosure Statement. Whew!
Paragraph 8 of the Sales Contract provides the Buyer with some very important rights regarding title and survey objections which could effect the Buyer’s intended use of the property being purchased. In our May Newsletter, Joe Crutchfield addressed the alarming number of Buyers that are not obtaining a survey for the purchase of their home and inadvertently waiving this right. Investors Title Company has always taken the stance that a Buyer receives the most protection by following Paragraph 8 of the Sales Contract, and obtains a Boundary Survey within the stated Acceptance Deadline Date for making any objections.
How can you make sure your Buyer receives their survey within the time frame of the Sales Contract to make any objections? Order the title commitment as soon as you have contract acceptance! (Paragraph 8 Lines 118-119) Why? The title commitment must be completed before the survey can be ordered.
What about ordering the survey? At this busy time of year a surveyor needs at least 5-7 days to complete a boundary survey. (more time is needed in case of bad weather) Taking this into consideration, the sooner you direct us to order the survey for your Buyer the better likelihood you will have the time needed for the Buyer to make objections, if any. If your Buyer wants to wait until after the building inspection resolution to order the survey, it would be beneficial to consider increasing the number of days for the Buyer to make any objections.
Your Buyer is counting on you to meet their expectations per the Sales Contract. Working together we can assist you in meeting this requirement, and more!