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Contract Deadlines

Contract Deadlines

Hello! This is Michelle Spalding and today I am talking to you about contract deadlines. Now, don’t hit stop, don’t fall from your chair just now. I promise you I’ve got some good information that can help make that process a lot easier.

First and foremost when you’re writing a contract, do me and every one else a favor, grab a calendar. Simple as it may sound, make sure that the day that you’re agreeing upon closing is actually a week day or not a holiday. More often than not people get excited, they just throw a day 45 days out and it happens to be on a Saturday. That means more work for you and a little frustration sometimes for those involved in the process of moving the day to Monday or is it Friday, let’s just pick the calendar out and pick a day.

Now that we’re talking about days and calendar, it’s important that you track those dates and those deadlines. In a contract, no matter where you are there are certain dates that the buyer or seller agreed upon that need to be abided by. Those dates are inspection deadline, often financing contingencies, title commitment contingencies, a whole host of a lot of deadlines depending on the region that you’re working in of course the deal that you put together. Where I’m going with this is that it is very important that you track those deadlines. Your clients are relying on you to make sure that this process happens.

So when you get the contract together take 15 minutes and take all of those dates into your calendar whether it’s a paper calendar or an electronic calendar. We happen to use Google calendar and a lot of our clients do as well. It makes it real simple to put those dates into a calendar and to track them.

Another thing that you want do is set a reminder a few days before those items are due. Most calendars will allow you to do this. Many of the items that you’re going to be tracking involve other people. For instance the loan commitment, if the loan commitment is due on say the 12th you set a reminder on maybe the 10th. You want to reach out to the lender a few days before it’s due.

Two reasons for that, number one the 12th they may not be in the office that day. Number two is you’re going to be able to kind of surprise them or sneak up on them before that’s due to kind of see how they are doing in getting it delivered on time.

Another thing is maybe they got a little bit busy doing something else and this gives them time to pull it together for you and your client and get that delivered by the 12th when it is actually due.

When you’re scheduling your deadlines, again I can’t stress enough that you check your calendar and you look at it frequently to make sure that none only meeting those deadlines and accomplishing those goals so that your clients is also.

My name is Michelle Spalding and I’m the founder and CEO of Transaction Management Consultants. We help real estate agents leverage their time to increase their sales. For more information on our services, visit us on our web at onlineclosingteam.com.

We’ll see you at the closing table.

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