Contract Deadlines //

Below are the dates and responsibilities involved in the buying and selling of a Denver home. It includes information about when each event should reasonably be completed, so you can use it as a checklist to make sure you haven't missed an important legal step.

Acceptance Deadline Date & Time

Responsible Party: Seller
Date Range : Usually 1-3 days after offer submission
Contract Section: 27

Explanation: The date & time in which an offer expires unless accepted in writing by the seller.

Sellers Property Disclosure Deadline

Responsible Party: Seller
Date Range : 1-2 Days After Acceptance
Contract Section: 10

Explanation: The seller of a property has until this deadline to complete their property disclosure. This disclosure outlines the details about the condition of the home and any problems known by the seller.

Loan Application Deadline

Responsible Party: Buyer
Date Range : 2-4 Days after contract acceptance
Contract Section: 5a

Explanation : The buyer must apply for a loan by this date. I always recommend seeing a lender before the buying process begins so this date should be met before an offer is made.

Title Deadline

Responsible Party: Seller/Title Company
Date Range : 7-10 Days after acceptance
Contract Section: 7a

Explanation: Any information relating to the title of the property being sold must be obtained by this date.

Inspection & Cost Estimates

Responsible Party: Buyer
Date Range : 3-6 Days after acceptance
Contract Section: N/A

Explanation: The home inspection is not required but is highly recommended. This allows the buyer to evaluate the home for any problems. If any problems exist and the buyer is still interested in the home, cost estimates should be received to better evaluate the need for further negotiation.

• Home Inspection

• Plumbing Inspection

• Electrical Inspection

• Improvement Location Certificate

Document Request Deadline

Responsible Party: Seller
Date Range : 1-2 Days After Title Deadline
Contract Section: 7b

Explanation: Based on the contents of the title documents, the buyer may request additional documents. This request must be made by this date and can only pertain to documents on record with the county clerk and recorders office.

Off-Record Matters Deadline

Responsible Party: Seller
Date Range : Same as Title Deadline
Contract Section: 8b

Explanation: Any documents or issues known by the seller but not in the public record must be disclosed by this date. An example of this would be any type of oral agreement between neighbors or friends to allow the use of land or property. If the agreements is not legally recorded it must be disclosed by the seller to the buyer by this date.

Property Insurance Objection Deadline

Responsible Party: Buyer
Date Range : 2-5 Days after acceptance
Contract Section: 10c

Explanation: Before this date, the buyer should verify that their insurance company will insure the property as well as the buyers if they own the property. Certain circumstances my exist that would prevent an insurance company from covering a property and it is best to learn these issues right away.

Inspection Objection Deadline

Responsible Party : Buyer
Date Range : 7-10 Days after acceptance
Contract Section: 10a

Explanation: If buyer chooses to have an inspection done on the property, the buyer must object to any unacceptable findings of the inspection on or before this date. An inspection may reveal issues with the property that are unsatisfactory to the buyer. These issues must be listed along with a proposed action for the seller to remedy. This is a negotiation and both parties will need to agree on a resolution by the Resolution deadline listed below or the contract will terminate.

Survey Deadline

Responsible Party: Buyer/Seller
Date Range : 5-7 Days Prior to closing
Contract Section: 7c

Explanation: If an improvement location certificate or survey is required the cost will be split as stated in the contract and the seller agrees to provide the results to the buyer by this date.

Governing Documents & Title Objection Deadline

Responsible Party: Buyer
Date Range : 2-4 Days after Title Deadline
Contract Section: 7d

Explanation: This date covers 2 different activities:

First, the Governing Documents deadline is the last date the Seller shall furnish to Buyer, at Seller's expense, a current copy of the owner's association declarations, bylaws, rules and regulations, party wall agreements and most recent financial documents, if any. If the buyer finds problems or concerns with the information in these documents, written notice of the unsatisfactory provision(s) must be presented to Seller on or before this date.

The second is the Title Objection Deadline. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of any unsatisfactory title condition shown by the Title Documents shall be signed by Buyer and given to Seller on or before this date. (Reference contract section 8-a)

Off-Record Matters Objection Deadline

Responsible Party: Buyer
Date Range : Same as Title Objection Deadline
Contract Section: 8d

Explanation : Written notice of any unsatisfactory condition(s) disclosed by Seller or revealed by Off-Record Matters Deadline shall be signed by Buyer and given to Seller on or before this date. If Seller does not receive Buyer's notice by this date, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual knowledge. (Reference Contract section 8-b)

Resolution Deadline

Responsible Party: Buyer/Seller
Date Range : 2-3 Days after Inspection Objection Deadline
Contract Section: 10b

Explanation: See above: Inspection Objection Deadline. All inspection issues must be resolved by this date. The buyer may decide to back out of the contract or the buyer and seller may agree to have items fixed, lower the sales price or any combination of the two.

Survey Objection Deadline

Responsible Party: Buyer
Date Range : 5-7 Days Prior to closing
Contract Section: 8c

Explanation: If the buyer has any objections or issues with the property survey, the objection must be received by the seller on or before this date.

Appraisal Deadline

Responsible Party: Buyer/Lender
Date Range : 5-7 Days Prior to closing
Contract Section: 6a4

Explanation: If box 6-a-4 is checked, Buyer shall have the option to terminate this contract if the Purchase Price exceeds the Property's valuation determined by an appraiser. Termination of this contract must be received in writing by the Appraisal Deadline.

Loan Commitment Deadline

Responsible Party: Buyer
Date Range : 3-5 days before closing
Contract Section: 5b

Explanation: This is the date for final loan approval. This date is close to the closing date so the buyer can make every effort to obtain the proper financing.

Closing Date

Responsible Party: Buyer/Seller
Date Range : 30-45 days after acceptance
Contract Section: 11

Explanation: Closing is the end result of the other dates up to this point. The deed is transferred and loan papers are signed. After closing, the transaction is complete and the buyer can take possession at the below date and time.

Possession Date & Time

Responsible Party: Buyer/Seller
Date Range : Same day as closing, when possible
Contract Section: 16

Explanation: The date & time when the buyer may begin to take possession of the property.