Glossary

Binding Agreement Date

The date and time at which both Buyer and Seller have reached an agreement on the terms of the sale of real property.  This date and time shall be that point at which the last offeror, or licensee of the offeror, received notice of the offeree’s acceptance. 

Example:
Buyer made an offer to Seller on April 1, 2007 at noon. 

Seller countered the offer to Buyer on April 3, 2007 at noon. 

Buyer accepted Seller’s Counter on April 4, 2007 at noon. 

Seller’s Agent received notice (i.e., the signed contract) from the Buyer on April 4, 2007 at 2:00 p.m. 

The Binding Agreement Date would be April 4, 2007 at 2:00 p.m. 

NOTE: There is a Binding Agreement date section on both form F9, the Purchase and Sale Agreement and form F8, the Counter Offer form.  In the event that a counter offer is what was accepted, the Binding Agreement Date shall be placed on the Counter Offer form.  Basic key to this – the Binding Agreement Date is placed on the document (whether it be the offer or the counter offer) that is signed by both the buyer and the seller to create the contract.  In the above example, the Binding Agreement Date of April 4, 2007 at 2:00 p.m. would go on the Counter Offer which was signed by both Buyer and Seller.