Posted by Brent_IL on May 24, 2002 at 02:29:00:
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Definition anyone??? - Posted by G Paul
Posted by G Paul on May 24, 2002 at 01:42:01:
I saw this clause in a purchase agrrement counter offer… what does it mean?
“Execution In Counterparts: This agreement may be executed in counterparts and by facsimile signatures. This agreement shall become effective as of the date of the last signature”
Re: Definition anyone??? - Posted by Jim Kennedy
Posted by Jim Kennedy on May 24, 2002 at 02:15:32:
“This agreement may be executed in counterparts …”
It means that the various parties to the contract can sign separate copies of the same documents as long as they are identical. That way the seller can sign one copy and the buyer can sign an exact duplicate copy and it will have the same effect as if both parties had signed the original document.
“… and by facsimile signatures.”
It means that signatures on copies that have been faxed hold the same force and effect as if the person holding the fax copy were in possession of a copy of the document with an original signature. (Note: this may be acceptable on purchase offers and counter offers, but when it comes to closing, original signatures are going to be required.)
“This agreement shall become effective as of the date of the last signature”
Self-explanatory.
Hope this helps.
Best of Success!!
Jim Kennedy,
Houston, TX
Re: Definition anyone??? - Posted by Brent_IL
Posted by Brent_IL on May 24, 2002 at 02:03:56:
It means the copies are to be considered as if they were originals. When you fax it to one party to sign, and they sign and fax you back a copy, the contract is executed on the date that the last guy signed.
Slow Typist. - Posted by Jim Kennedy - Houston, TX
Posted by Jim Kennedy - Houston, TX on May 24, 2002 at 02:24:41:
Brent,
I type so slow that by the time I got my answer finished, you’d already answered the question. I really wasn’t trying to be redundant.
Best of Success!!
Jim Kennedy,
Houston, TX