Most Utah home sales use the Real Estate Purchase Contract, usually called the REPC. It is a state-approved form, and once an offer is accepted, a handful of dates written into it drive everything that happens next. Knowing them ahead of time makes the weeks between “accepted” and “keys in hand” much calmer.
First: when is an offer “accepted”?
Under the REPC, Acceptance happens when the buyer or seller has signed the offer or counteroffer to accept it and that signing has been communicated to the other party or their agent. Many of the contract’s timelines are counted from that moment.
How the REPC counts time
- Calendar days, not business days. “Days” in the REPC means calendar days, counted starting the day after the event that triggers them, such as Acceptance.
- 5:00 PM Mountain Time. Unless the contract says otherwise, anything due on a date must be done by 5:00 PM Mountain Time that day.
- Time is of the essence. Deadlines don’t move on their own. Extensions must be agreed to in writing by all parties.
Earnest money
The buyer agrees to deliver the Earnest Money Deposit no later than four calendar days after Acceptance. The amount and form are written on the first page of the contract.
The four Section 24 deadlines
Section 24 of the REPC lists four dates that buyer and seller fill in and agree to:
Seller Disclosure Deadline
By this date the seller provides the “Seller Disclosures.” These include a property condition disclosure, a lead-based paint disclosure if the home was built before 1978, a title insurance commitment, any CC&Rs and rules, and HOA documents if there is an association.
Due Diligence Deadline
This is the buyer’s window to review the disclosures and complete inspections and research, such as the home’s condition, insurance availability, and HOA details. The contract spells out how the buyer can cancel or raise objections before this date, and what happens if they don’t.
Financing & Appraisal Deadline
This date covers the loan and appraisal conditions. The contract explains the buyer’s options if the appraisal comes in below the price or the loan isn’t approved on acceptable terms.
Settlement Deadline
By this date, buyer and seller sign the closing documents and deliver the required funds to the escrow or closing office.
Walk-through, closing, and possession
The buyer’s final walk-through can happen no earlier than seven calendar days before Settlement. After Settlement, the REPC calls for the loan funds to be delivered and the documents recorded with the county recorder no later than four calendar days later. That completes Closing. When the seller hands over possession is a separate choice marked in the contract, such as upon recording or a set time after it.
Tips that keep a contract on track
- Put every deadline on your calendar the day the offer is accepted, with the 5:00 PM cutoff.
- Book inspections early. Inspectors and specialists can be busy, and the Due Diligence Deadline doesn’t wait.
- Answer your lender quickly and ask before making big financial changes during the contract.
- Get every change in writing. A phone call or text isn’t an extension.
- Read the version you sign. The state updates its forms from time to time, and your contract and addenda govern your transaction.
Sources
This article is general information, not legal advice. Ask us to walk you through your own contract, and consult an attorney for legal questions.