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Determination of the binding agreement date is crucial in a real estate transaction. In a scenario where buyer Jane makes an offer on Monday, seller Joe signs on Tuesday, but notice of acceptance is not delivered until Friday, the binding agreement date is Friday. Timely delivery of signed documents is essential to establish a binding contract. The binding agreement is only formed when signed by both parties and fully executed copy is delivered back to the party who made the last accepted offer. Pay attention to the binding agreement date for contract timelines and contingencies.
