“Signed (Electronically); Sealed; & (Constructively) Delivered”
[Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.]
“Final acceptance” sounds like something that happens in a hospice, or perhaps what Woody Allen has been seeking in therapy all these years.
Fortunately, the real estate version is not so macabre: it’s just a fancy way of saying, “Done Deal!”
Real Estate Terminology 101
Specifically, “Final Acceptance” refers to when the Buyer and Seller have entered into a consummated contract (Purchase Agreement).
The “Final Acceptance Date” is important because it starts the timer on how long the Buyer has to perform their inspection (assuming the Buyer hasn’t waived it — see next).
“Not Sold Till It’s Sold”
Of course, in multiple offers, Final Acceptance is also when the Buyer definitely-for-sure knows they have a deal.
Short of that point — in theory, even one missing initial on the Purchase Agreement qualifies — and the Seller is free to back out of deal #1, and sell to someone else (who presumably is offering more).
Which is why Buyer’s agents (myself included) keep the pressure on Sellers and listing agents until everything’s official . . .