Dayton Home Buyers: Essential Contract and Timeline Terms You Need to Know

Congratulations! You’ve decided to buy a home in Dayton, Ohio and the Miami Valley area. But as you dive into the Ohio real estate process, you might feel overwhelmed by all the real estate jargon. Don’t worry – understanding these key contract and timeline terms will help you feel confident from offer to closing in the Dayton market.

Key Contract and Timeline Terms

Acceptance Date

The date when the seller officially accepts your offer to purchase their home. This is the starting point for calculating all other deadlines in your contract. All timeline requirements (inspections,financing, etc.) are counted from this date.

Earnest Money

A good faith deposit that demonstrates your serious intent to purchase the home. This money(typically $500-$2,000) is held in escrow and applied toward your down payment or closing costs at closing. It shows the seller you’re committed to the purchase.

Intent to Proceed

Your formal notification to your chosen lender that you want to move forward with the mortgage application. This triggers the full loan application process, including providing all required documentation and ordering the appraisal.

Contingencies

Conditions in your purchase contract that must be met for the sale to proceed. Common contingencies include financing approval, satisfactory home inspection, and appraisal meeting the purchase price.

Counteroffer

A seller’s response to a buyer’s offer that changes one or more terms (such as price, closing date, or repair requests). The buyer can then accept, reject, or counter the seller’s counteroffer.

Backup Offer

A secondary offer on a property that becomes active if the primary offer falls through. This gives buyers a second chance at a property they want while allowing sellers to have a safety net.

Addendum

Additional terms, conditions, or modifications added to the original purchase contract. In Ohio real estate transactions, addendums become part of the legally binding agreement once signed by all parties.

Understanding these contract basics puts you ahead of the game in the competitive Dayton real estate market. In our next post, we’ll dive into financing terms that every Ohio home buyer needs to know. Have questions about any of these terms? I’m here to help guide you through your Dayton and Miami Valley home purchase!

Ready to start your Dayton home buying journey?

Contact me today for a free consultation and let’s find your perfect home in Montgomery County and the greater Miami Valley area.