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Posted by Stephen_VA on 7/24/05 10:13pm
I would say that having effective date on Real Estate documents is probably fairly rare, it would be just one more thing to juggle. There are other business situations though where you may want an effective date in the future, or the past. Lets say you and I are going to start marketing services together and from every sale you are going to get X percent, but you wont start your co-marketing for a month. We could draft the documents, and sign them with an effective date of one month from now. Then when I look at sales, the intervening month does not get split with you. Only sales after our effective date, which from the point of the documents execution is a month in the future, will get split with you. They would be signed and notarized with the date they were signed, but the relevant dates in the document would still refer to that date 1 month in the future. This is all about when the terms of the document come into effect, which can be quite different than the day they were signed. The specifics of the deal, and in the case of Real Estate all sorts of government regulation will dictate whether it can be done in each situation, but in general it can absolutely be done. |
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