Effective Date
In Florida, generally it is customary for the effective date of the sale contract to be the date the last party signs the agreement and copies are delivered to all partys.
In a short sale, customarily, is the effective date of the agreement after the third-party bank approval?
No, the lender approval of the short payoff is merely a contingency -
I would think the effective date of a sale is upon recording the deed in the name of the purchaser.
[addsig]
The effective date for the shortsale agreement is when the bank (usually the last party) signs off.
And effective date for the deed is actually the date the deed is recorded
agreed, but the effective date for a Contract For Sale and Purchase is the date the last party signs - not sure about that part of the parties getting copies but I am sure about the effective date is the date of the last party signature
IB, with a short sale, I make the good faith deposit due upon lender approval and the RTI clock starts ticking upon lender approval. But the lender is not a party to the contract - the lender approval is a contingency- the lender is however, a party to the transaction. A distinction made by one of our FAR Hotline attorneys.
toobizee, that makes complete sense. Thanks for that.