A bit embarrassed to ask this question. Been on this forum for way too long not to know but indulge me.
If offer is accepted, does the offer letter effectively becomes the contract? As in the seller signs it, buyer then initials and signs afterwards. (Ratifying it) Is this what is sent to MC to put into NACA system thereby generating the BOA email?
Is the ratified contract the final contract after inspection and after repairs have been negotiated?
The contract is a 40 to 60 page document requiring signatures or initials on each page. It contains legal documents from the state from the county and from your real estate agency.
Ratified is a fancy way of saying you and the seller have both signed it. This is what is sent to your MC to generate the boa email.
The contract is a working document. Anytime a new thing pops up an amendment is added to it that you and the seller both have to sign including a mutual release should negotiations stall after its ratified.
If you think that’s a lot of pages the loan document you sign at the closing table is about 200 pages lol.