Real estate contract deadlines: what to track on every deal

Many deadlines are written as a number of days after acceptance, such as "17 days after acceptance." Contracts define acceptance differently. Some use the date the last party signs, others the date the signed offer is delivered. Read how your contract defines it before you count anything.

If a counter offer changes the acceptance date, every dependent deadline moves with it.

The names vary, but most residential purchase agreements include some version of these:

• Earnest money deposit. When the buyer's deposit is due, and to whom.
• Seller disclosures. When the seller must deliver required disclosures.
• Inspection or due diligence period. How long the buyer has to inspect and respond.
• Appraisal contingency. The date the appraisal must be completed or the contingency addressed.
• Loan or financing contingency. The date the buyer's loan approval is due.
• Title review. When the title commitment is delivered and objections are due.
• Final walkthrough. Usually shortly before closing.
• Closing and possession. The closing date, and when the buyer takes possession if that is a different day.

How many days each one gets is negotiated, and it varies by state and by contract form. Do not rely on a "typical" number. Use the one in your contract.

Check three things in your contract:

• Calendar days or business days. A deadline in business days skips weekends.
• Whether the start day counts. Most contracts count the day after the trigger as day one.
• What happens when a deadline lands on a weekend or holiday. Some contracts roll it to the next business day. Others do not.

Holidays are where tools and spreadsheets often go wrong, so double-check any deadline near one.

The risk is rarely not knowing a deadline exists. It is having it in three places: the contract, a calendar entry, and your memory. When a counter offer or an addendum changes one date, the other copies are stale.

Whatever you use, store each deadline as a rule ("17 days after acceptance") rather than a fixed date, so changing the acceptance date updates everything that depends on it. See how to track contingency deadlines for a simple system.