3 Key Moments in a Utah Real Estate Transaction
Whether you’re buying your first home or selling your fifth, every real estate transaction is guided by a few key milestones. Understanding these moments—and what to expect at each—can help reduce the uncertainty and create needed clarity. There are three major touch points in the transaction that are often misunderstood: the Offer, Due Diligence and Financing & Appraisal Deadlines, and Possession.
The Offer
From the buyer’s perspective, making an offer is a pivotal moment. It’s more than choosing a price; it’s your opportunity to present your intent to purchase a property, along with the terms that make your offer appealing. Your agent will help you determine a strong offer price, establish key deadlines, and include contingencies that protect your interests, like inspections and financing.
Seller Perspective
From the seller’s perspective, receiving an offer initiates the decision-making process. It’s not just about the bottom-line number. Sellers review the full package: price, financing type, proposed deadlines, contingencies, and even the buyer's agent representation. Your agent will walk you through each of these terms to help you assess the strength of the offer.
Timing an offer
Offers can be submitted anytime during the home search process, but they typically come shortly after showings or open houses. When an offer is submitted, it is sent with a response deadline that the buyer is asking the seller to adhere to. Depending on those terms, the seller generally responds within 1 to 5 days with either an acceptance, a rejection, or a counteroffer.
Due Diligence and Financing & Appraisal Deadlines
Once an offer is accepted, two critical deadlines immediately loom: the Due Diligence Deadline and the Financing & Appraisal Deadline. Both are outlined in the original offer and agreed upon by both parties.
Due diligence deadline
The Due Diligence Deadline gives the buyer time to investigate the property fully. This includes inspections (home, roof, HVAC), and may also involve testing for radon, methamphetamine, mold, or structural issues. It’s a period designed to uncover any concerns and determine whether the home meets the buyer’s expectations or negotiate any terms or remedies.
Financing and Appraisal deadline
The Financing and Appraisal (F&A) Deadline ensures the buyer has secured appropriate financing and that the property appraises at or above the purchase price. The lender wants to be sure the home qualifies as much as the buyer does. If there are discrepancies in value or delays in the lending process, your agent can guide you through negotiations or request an extension.
These deadlines are critical because they provide key milestones in the transaction—but they’re not set in stone. With mutual agreement and signed addenda, these timelines can be adjusted to accommodate additional time for repairs, financing approval, or other unforeseen issues.
Possession
Possession is when the buyer receives the keys and gains access to their new home—not when the closing happens. This moment is often misunderstood. In Utah, the possession deadline is outlined in the contract, and while it commonly takes place on the day of closing, that’s not always the case.
closing vs possession
Possession may occur after funds are received, once the title has officially been recorded, or even later if the seller has requested time to move. It’s also not necessarily at the start of the day. Some contracts specify noon, 5 PM, or another agreed-upon time.
Because possession terms vary, both buyer and seller must understand and agree to them before closing day to prevent confusion or conflict.
The Bottom Line
Understanding these three pivotal stages helps everyone in the transaction feel more informed and prepared. At Blakemore Real Estate, we’re here to guide you through each step with clarity and care so you can confidently move forward no matter what side of the table you’re on.
