The effective date is the date all parties sign. What date do you start counting as day one?

Day 1 will be the next day. If contract is effected on a Monday with a 7 day option, Tuesday would be Day 1 with option expiring end of day the following Monday.

The effective date is determined by the final date of acceptance. The final date of acceptance is the date on which the contract becomes binding between the parties. It is the date that both buyer and seller have agreed to all terms of the contract and have executed the contract. Four elements must be satisfied for final acceptance to take place:

1. The final contract must be in writing. (This is typically satisfied when negotiations are made using promulgated forms.)
2. The buyer and seller must sign the final contract, including the initialing of any handwritten changes to the initially drafted offer, if applicable.
3. Acceptance must be unequivocal.
4. The last party to accept must communicate acceptance back to the other party or the other party’s agent, if applicable.

The effective date is the date when the last element (communicating acceptance back) is made after the other three elements are satisfied. One reason why communicating acceptance back to the other party is mandated is so the other party will know when the contract performance requirements or periods for performance begin.

The effective date is the most crucial date in the contract. It is the date from which most, if not all, performance periods are measured. One of the most significant complaints that escrow agents make about real estate licensees is that, many times, licensees fail to insert the effective date in the contract.

Here is an example: The buyer has the right to terminate the contract within five days after the effective date, and the effective date is January 1. The buyer may terminate the contract at any time until 5 p.m. on January 6. Note that January 2 is the first day after the effective date.

Day 1 begins on the following day.

Think of a one day option period. Parties sign today, option ends tomorrow 5pm. Seven day option, if today is Saturday, option ends 5pm next Saturday. Key is communication, so send an email to your coop at contract to the effect, "hey, by my count the buyer's option ends next Saturday the 19th 5pm, same?" Two articles give more.

The effective date is determined by the date the contract is agreed to by both parties in writing and communicated between the parties. Either the buyers agent or the sellers agent can fill the final acceptance date in on the contact.

The date all parties sign. When last signature is signed I start counting