RESIDENTIAL CONTRACT SALE TIMELINE

Agent Name:________________________                Firm:_____________________________

Property Address:        __________________________________________

                                    __________________________________________

Seller(s):___________________________                 Buyer(s):__________________________

1.      Offer to Purchase signed and delivered to listing company (date)___________________.

2.      Counter offer received (date)_____________________.

3.      Effective Date of Contract_____________________(Buyer/Seller Notification of Acceptance).

4.      Alternative 2 “Termination of Notice” (date)__________________.  Notification of termination delivered to seller (date)__________________.

5.      Alternative 2 return of EMD to buyer (date)_______________________.

6.      Loan Application Letter from Mortgage Company delivered to seller (date)_________________ (could be with offer).

7.      Seller written demand for Loan Application letter (date)_____________(after date in (6) above).

8.      If no response from buyer within 5 days from (7) above Seller may terminate and keep EMD.

9.      Seller notified verbally of loan approval (date)____________________.

10.  Inability to Obtain Loan (date)_________________from contract.  Before this date buyer must terminate or lose EMD.

11.  Repair Notice (date)_________________(in contract).

12.  Buyer delivers “Repair Request and Agreement” to seller (date)__________________.

13.  Seller response (date)_________________ (if no response buyer must terminate the contract).

14.  Buyer response (date)____________________within 5 days of seller response date (13) above.  (If buyer does not respond buyer has accepted the repairs sellers have agreed to.)

15.  Appraisal completion date from contract (Paragraph 7 (c) (date)__________________.

16.  Closing date in contract (date)______________________.

17.  Ten days after closing date in contract (date)____________________.  (After this date the delaying party will pay 8% interest to non-delaying party).

18.  Thirty days after contract closing date (16 above) (date)___________________non-delaying party can terminate and keep EMD.

19.  Actual closing (date)__________________.