What is it with late July and ratifications? This year we saw a bunch of them at the end of last month, as we did a year earlier, though that burst was not as big as this year’s.
The boom this year comes in the face of a declining number of listings for sale, which is a typical decline for mid-summer. In other words, fewer listings, but more accepted offers.
In case you’re wondering about the definition of ratifications, know that the word “ratified” is used with real estate contracts, though not with business contracts as a whole. When it comes to a ratified contract, the parties have come to agreement on all terms, but the contract is not binding until delivered to the person making an offer.
With a ratified sales contract in hand, you’ll know that both buyer and seller have signed off on the final offer. It will also specify the price to be paid for the home, the type of mortgage financing sought, the amount of a down payment, proposed closing and occupancy dates and other contingencies.
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