The CVR MLS Purchase Agreement contains numerous deadlines that require accurate tracking of the days required to comply with each contractual obligation. One of the most frequently asked questions about deadlines in the CVR MLS Purchase Agreement is identifying when “Day 1” is. 

“Day 1” is the day following the triggering event.  

For example, Day 1 of the home inspection period is the day after contract ratification. If the contract is ratified by all parties on March 1, then March 2 is Day 1.  

Here are a few examples of the actual language used in the Purchase Agreement concerning deadlines: 

Purchaser shall make written application for such loan within seven (7) days after the Date of Ratification 

For this section, regarding a loan deadline, the triggering event is the Date of Ratification. This means that Day 1 of the seven-day timeframe starts the day following the Date of Ratification.  

Purchaser shall provide Seller with all inspection reports, cost of repairs and Purchaser’s written Repair Request no later than [select one]:    ___ days after the Date of Ratification OR   _______ (a.m./ p.m.) on ______________, 20___ (the “Inspection Deadline”). 

For this section, the day following the Date of Ratification would be Day 1 of the inspection period for providing all inspection reports.

To learn more, check out the CVR MLS Purchase Agreement Playbook. There you will find the CVR MLS Purchase Agreement Deadline Tracker, which can help you monitor and track key dates for your transactions.   

If you have any questions about deadlines in the CVR MLS Purchase Agreement, contact us at RiskManagement@RARealtors.com.