As a Texas real estate agent, your time is divided between lead generation, lead nurturing, client communication, showings, negotiations – and paperwork.  Lots of paperwork.  But with so many parts in every, single transaction, even the most experienced agents can miss a deadline.  And when they do, there can be consequences.

Here are ten of the most commonly-missed deadlines – and what that mistake could cost you.

1.  Option Period Expiration.  This one is the biggy of all deadlines for Texas agents.  Miss this one and your buyer no longer has the right to terminate and get back their earnest money.  So, bad inspection results?  Bad roof?  Sorry, the buyer can’t terminate without losing their earnest money.

2.  Option Fee Delivery Deadline.  This one is in close second place to the option period expiration deadline.  Miss this deadline, and the buyer does not have a termination option.  So no matter what the inspection uncovers, the buyer is stuck unless they want to lose the earnest money.

3.  Earnest Money Delivery.  Miss this 3-day deadline and the Seller acquires the right to terminate the contract and put the property back on the market.

4.  Survey Objections Deadline.  If the survey shows encroachments, unknown easements, etc., the Buyer has only a certain amount of time to raise a written objection.  If the deadline is missed, the Buyer could be stuck with the situation, encroachments and all.

5.  Other Title Objections.  The Buyer can object in writing to defects, exceptions, or encumbrances to title that appear in the Title Commitment or that prohibit certain, specific activities that the Buyer can specify in the contract.  The Buyer only has a certain number of days to object to such items before the Buyer loses any right to complain over the interference with title.

6.  Third-Party Financing Buyer Approval Period.  The Buyer can terminate for lack of Buyer Approval – but only if it is done timely.  Measured as a certain number of days after the Effective Date, missing this deadline means the Buyer cannot terminate and receive back the earnest money – even though they cannot be approved for the loan. 

7.  Third-Party Financing Property Approval Period.  This one pertains to whether the property meets the lender’s requirements for condition and value.  This deadline is measured as a certain number of days before the Closing Date, and missing it means the Buyer can’t terminate and receive back the earnest money even though the lender will not provide the loan due to the condition of the property.

8.  Existing Survey Delivery Deadline.  Is the Seller providing an existing survey and T-47/T-47.1?  Be sure to send both required documents to both required recipients within the required number of days.  Otherwise, the Seller is on the hook to purchase a new survey.

9.  MUD/PID Notices.  Does the property sit within a water district, such as a MUD, WCID, Utility District, etc.?  Or a Public Improvement District?  If so, the Seller must provide the required notice at or before the time the contract is signed.  Failure to do so gives the Buyer a right to terminate at any time, for any reason, all the way until the Closing.

10.  Closing Date and Possession Transfer.  The Closing Date is more than just a happy occasion.  It’s when property ownership is legally transferred to the Buyer.  Missing the Closing Date puts the at-fault party in default under the contract’s terms.  Be sure to address any delays with amendments to extend the date.

That’s a lot!  But it doesn’t have to be stressful.

Remember that these aren’t just arbitrary deadlines.  They are legal commitments.  A missed deadline can delay the closing, cost someone their earnest money, or open the door to serious legal trouble. 

That’s where Advantage TC comes in.  We monitor every contract date, track every critical deadline, and keep the transaction moving forward – so you don’t have to.

Let Us Help You Close With Confidence

✔️ Deadline tracking

✔️ Compliance monitoring

✔️ Contract follow-through

✔️ Coordination with title, lender, inspectors, and more

✔️ Keeping you and your client up to date as the deal moves towards the closing.

Ready to stop juggling deadlines?

Book a quick, no-hassle discovery Zoom or call to find out more about our services.  Click the link, give us a call or text, or shoot us an email.

Advantage TC – You sell.  We’ll handle the rest.