07 Feb 4 APRIL 2011 CONTRACT DATE
Q.What date should be inserted as the Contract Date in the item schedule of the Contract?
A. We recommend that the Contract date should be inserted as the date the Seller signs the Contract. You should note however that the Cooling Off Period in this case will not be 5 business days from the Contract Date but will be 5 business days from the date the Buyer receives the Contract signed by both parties.
Using the date the Seller signs the Contract as the date of the Contract could possibly lead to an argument that the Contract was not in fact formed on that date but rather on the date when the seller communicated acceptance of their offer to the Buyer. Nevertheless, for practical purposes we believe it is best for the Seller to sign and date the Contract upon signing. If any party does raise an issue about the date of the Contract the parties may need to decide amongst themselves what in fact the Contract date should be.