What is the date of the purchase contract referred to when buyers from Kansas City negotiate to purchase a property in Sioux Falls?

The date of acceptance is the specific point when a purchase contract becomes effective during the negotiation process. This is the moment when the seller formally agrees to the terms proposed by the buyer, creating a binding agreement between both parties. In the context of real estate transactions, until the offer is accepted, negotiations can continue and no legal obligations exist.

Understanding this, the date of acceptance marks a critical milestone in the transaction timeline, as it signifies that both the buyers from Kansas City and the sellers in Sioux Falls have come to a mutual agreement. This contrasts with other dates mentioned in the options, which might refer to different stages of the real estate transaction process but do not denote the official point of contract formation between the involved parties.

The date of deposit refers to when the earnest money is put down, while the closing date refers to when the final transaction and transfer of ownership occurs. The date of listing is simply when the property was made available for sale and does not indicate any agreement between buyers and sellers. Thus, the date of acceptance is indeed the correct choice in identifying when the purchase contract is recognized as valid.