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What's The Big Deal About The Acceptance Date in Real Estate Contracts?

Sep 18, 2024By Ellen Deranian
Ellen Deranian

Ever wonder when your home-buying journey really starts? It's not when you first see the house. It's not even when you make an offer. It's actually on a day called the "acceptance date." Let's talk about why this day is a big deal.

What's an Acceptance Date?

The acceptance date is when the seller accepts your offer by signing and dating it.  This transforms the offer into a binding contract.  [1]

Think of it like saying "yes" to a marriage proposal. Once you both say yes, that's when the real planning begins!

Why Should You Care?

1. It's Official: Once you reach the acceptance date, you can't just change your mind easily. It's like being on a roller coaster - once it starts, you're going for the ride! 

2. The Clock Starts Ticking: From this day on, you have to do a lot of things by certain dates. It's like a big countdown to getting your new home. 

3. Money Matters: This is when you might need to pay some money to show you're serious about buying the house. It's called "earnest money." [2]

What Happens Next?

After the acceptance date, a lot of things start happening:

1. House Check-Up: You'll need to hire a licensed home inspector to check the house for problems. They'll look at everything from the roof to the basement. [3]

2. Bank Talk: If you need to borrow money to buy the house, you'll need to talk to the bank. They'll want to know a lot about you and your money. [4]

3. Paperwork Party: There's a lot of paperwork to do before you can move in. It's not fun, but it's important. 

Tips to Remember

  • For Buyers - Start planning right away. Don't wait to set up your home buying checklist. [5]
  • For Sellers - Get ready to tell the truth about your house. If something's broken, you need to say so. [6]
  • For Everyone: Use a calendar to keep track of important dates. There are a lot of them! 

The Big Picture

Knowing about the acceptance date is like knowing a secret trick in a video game. It helps you understand what's going on and what to do next. [7]

So next time you're buying a house, remember the acceptance date. It might not sound exciting, but it's the day your home-buying adventure really begins!

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*About the Writer: Ellen C. Deranian, Esq. knows a lot about buying houses. She has helped many people understand tricky house-buying stuff. When not writing, she's closing.*

Where We Got Our Information

1. [National Association of Realtors. "Home Buying in Six Steps"](https://www.nar.realtor/articles/home-buying-in-six-steps)
2. [Capital Bank.  "What is Earnest Money?"](https://tinyurl.com/mc5tsurf)
3. [American Society of Home Inspectors. "Homebuyer's Guide"](https://www.homeinspector.org/Buyers-And-Owners/Homebuyers-Guide)
4. [Consumer Financial Protection Bureau. "Choosing a Loan Officer."](https://www.consumerfinance.gov/owning-a-home/compare/)
5. [HUD.gov. "Buying a Home."](https://www.hud.gov/topics/buying_a_home)
6. [Nolo. "Required Disclosures When Selling Real Estate."](https://www.nolo.com/legal-encyclopedia/required-disclosures-selling-real-estate-30027.html)
7. [Bankrate. "14 First-Time Homebuyer Mistakes to Avoid."](https://www.bankrate.com/real-estate/first-time-homebuyer-mistakes/)