As we approach January 1st and the unveiling of the five new CREC Purchase Contracts, it’s a good time to quickly review some potential red flags in the soon-to-be Section 3: Dates and Deadlines.
Remember that by inserting “N/A” or “Deleted” into any blank in Section 3 not only negates the deadline, but also entire corresponding Section (see the Section number in the Reference column). So make sure you really want to DELETE the whole paragraph. For example, in Section 7.2 there is a box that may be checked to request Exceptions; if you’ve checked this box, you may naturally then assume that the appropriate Deadline in Section 3, Item 3, the Exceptions Request Deadline, does not apply – because it’s already completed, and therefore insert N/A. However, “N/A” would then delete Section 7.2, which is not your intent. A better alternative would be writing “Completed” or “See Section 7.2” on Item 3 under Dates and Deadlines, as it clearly communicates your intent.
The opposite is also true – when a deadline is inserted on one of the blanks in Section 3, the corresponding paragraph does apply. For example, when preparing an offer for a Buyer, you may presume that a Seller’s Property Disclosure will be provided (assuming you haven’t been able to acquire one in advance), so you put a deadline in Item 10 regarding Section 10.1. The Seller accepts the Contract as written, but a few days later when you contact the Listing Broker to obtain the Seller’s Property Disclosure, you are informed that the Seller actually never completed one (for whatever reason). At this point, many Brokers shrug off the situation and pass the message along to the Buyer, but in actuality, the Buyer could very well demand a Seller’s Property Disclosure form just as indicated in Section 10.1. In such a case, the Listing Broker may want to advise the Seller to counter or amend the Contract to delete Item 10 under Section 3.
Moral of the story: pay attention to Dates and Deadlines in Section 3. In today’s market, consumers are savvier and less tolerant of sloppy work and lack of attention to detail, so protect yourself by accurately reflecting the Buyers’ and/or Sellers’ intent under the Dates and Deadlines.
