5 Contract Dates You Can't Afford To Miss

Because missing just one could cost your client the deal

In real estate, timing isn't just important - it is everything. Every contract is filled with built-in deadlines that can affect financing, inspections, title, and even whether the buyer keeps their earnest money deposit.

As a Transaction Coordinator, one of my top priorities is tracking all critical dates and making sure nothing slips through the cracks.

Here are 5 contract dates you simply cannot afford to miss - and why they matter.

• Effective Date

The clock doesn’t start ticking until you have this.

The Effective Date is the starting point for nearly every deadline in the contract. It is defined under Paragraph 3(b) of the contract as "the date when the last one of the Buyer and Seller has signed or initialed and delivered this offer or final counter-offer." 

👉 Why it matters: Miscalculating from the wrong start date can throw off every other deadline — and potentially breach the contract.

• Earnest Money Deposit

The contract specifies the amount and time period in which the earnest money must be deposited (customarily within 3 days after the Effective Date.) The time period is calculated by using calendar days, including weekends. For example, if the Effective Date is on a Friday, the 3-day time period expires on Monday unless Monday is a national legal public holiday or a national legal public holiday is observed. In this case, the deadline woukd extend tomthe next calendar day.

👉 Why it matters: By failing to make the deposit timely, a buyer will be directly breaching the contract and possibly risking legal repercussions.

• Inspection Period Deadline

This is the buyer’s chance to cancel, negotiate repairs, or walk away.

Most contracts give the buyer a set number of days (often 7-15) after the Effective Date to complete inspections and notify the seller of any issues. If they miss this window, the buyer may lose the ability to request repairs or cancel the contract without losing their deposit (depending upon which contract is used).

👉 Why it matters: If the deadline passes and no notice is given, the buyer is typically accepting the property “as is.”

• Loan Approval Deadline

Financing isn't final until it’s approved — in writing.

The definition of “Loan Approval” is approval of a loan meeting the Financing and Appraisal terms. This is the date by which the buyer must secure formal loan approval and the buyer must notify the seller in writing of same prior to the expiration of the Loan Approval Period. The Loan Approval Period is the buyer’s deadline to cancel the contract if the buyer doesn’t yet have Loan Approval, or if the application is denied. The parties can negotiate the deadline, and it’s customarily 30 days if left blank in the contract. 

👉 Why it matters: If the buyer doesn't notify the seller in writing of the loan approval status prior to the expiration of the loan approval deadline, several potential consequences may arise, potentially putting the earnest money deposit at risk.

• Title Commitment Delivery & Review Period

Know when it must be received — and when objections are due.

Most contracts require the title commitment be provided within a set time prior to closing date (often 15 days). The buyer then has a limited window (commonly 5 days) to review and object in writing to any defects and require the seller to cure the defects.

👉 Why it matters: Title insurance is important as it protects the buyer's investment in the property and it should not be ignored. Missing the deadline to object may mean the buyer waives their right to object - even if there are issues on title - and, if financing, a lender may not lend, forcing the buyer to purchase the property, which if the buyer cannot pay cash, the buyer's deposit will be at risk.

Without meeting the above deadlines, you won’t be able to timely cross the finish line.

While closing delays can sometimes be negotiated, this is a firm deadline in the contract. Missing it without an extension in writing can lead to breach, escrow disputes, or worse.

💡 Pro Tip:

I use a detailed contract timeline and automated reminders to make sure every deadline is tracked and nothing gets missed. Because when a deal falls apart, it’s rarely over the big things — it’s the dates, details, and communication.

✅ Bottom Line

Dates matter. And tracking them accurately can be the difference between a smooth closing and a missed opportunity. If you have one deal or are juggling multiple deals and want a second set of eyes on the fine print, I’d love to help.