What Is Ratified Contract?
Ratified Contract: A purchase agreement that both buyer and seller have signed and delivered, making it binding.
Also called: ratification, under contract, mutual acceptance
A ratified contract is a purchase agreement that both buyer and seller have signed with the same final terms, and the final signed version has been delivered. At that point, the home is "under contract."
Why the ratification date matters
The ratification date starts every deadline in the contract:
- Earnest money due date
- Loan application deadline
- Inspection, appraisal and financing contingency periods
- The closing date, if it's stated as a number of days
What happens next
Escrow opens, you deliver your deposit, apply for the loan with the property, and schedule inspections.
Good to know
Unbeatable records the ratification date and lists the deadlines that follow from it.