Scheduling a settlement date is a contractual obligation for homebuyers
An often overlooked provision in paragraph #6 of the GCAAR Regional Sales Contract provides that the “Purchaser agrees to contact the Settlement Agent within 10 Days after the Date of Ratification to schedule Settlement and to arrange for ordering the title exam and, if required, a survey.”
Homebuyers and their agents should pay particular attention to this requirement.
Recently our office was notified that a seller had declared the purchaser in breach of contract due to purchaser’s failure to schedule settlement within 10 days from the date of ratification.
While the purchaser had ordered a title exam with our office, neither he nor his agent had scheduled the settlement date.
Through email notification, Federal Title reminds homebuyers and their agents to schedule the closing with our office within this time period. Unfortunately, in this particular instance, our notifications were ignored.