What is the effective date of a real estate contract?

The effective date of a real estate contract is established when both parties have agreed to the terms of the contract. This means that an offer has been made by one party and accepted by the other, typically through the signing of the contract by both parties. The agreement outlines the rights and obligations of each party, and this mutual consent marks the beginning of the contract's enforceability.

Identifying this date is crucial because it determines when the contractual obligations and rights commence. It is not dependent on other events such as property inspections, the signing of the contract by an agent, or the closing transaction. These actions may follow after the effective date and can have significant implications for timelines related to contingencies and performance under the contract.