Time is of the essence

By
Real Estate Agent with Atlanta Communities 303302
http://actvra.in/57Xs

Here in Georgia, in our contracts for Real Estate, we have a clause that states time is of the essence. What exactly does this mean? We all know time is important, but why is it "of the essence"?

Your Dictionary on line says about all this, "When used in a contract, places the other party on notice that failure to complete a required performance by a date certain set forth therein will constitute an incurable breach." It means that any times listed in the contract or proposal are important and you should pay attention to them.

Time lines are important and Real Estate deals are full of them. The most important is the very first one. When an offer is submitted to a seller it usually includes a date and time where the offer expires. I have met too many agents who do not take this deadline seriously. In essence, after this date and time the offer expires. Technically, the offer cannot be resurrected and must be resubmitted to be active. 

Other deadlines include Due Diligence times where the buyer gets a "free look" at the home and can cancel for no reason during that time. In this area we typically see 7-10 days for Due Diligence. We also have Appraisal time frames and loan approval deadlines. These dates are very important and part of what your real estate agent does for buyers or sellers is to keep an eagle eye on these times in order to protect you, the client.

I know that this post has gotten a bit long, so knowing that "Time is of the essence", I will sign off for now, since I am out of time.

Posted by

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

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Rainmaker
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Gloria Valvasori, ASA
Better Homes and Gardens Real Estate Signature Service - Streetsville, ON
Quality Service, Exceptional Results, Since 1987

We also have that clasue in our Agreements.  Deadlines are important in real estate.. that's why we have irrevecoable times on offers... and the offer must be presented as soon as possible.

Oct 31, 2017 06:08 AM #1
Rainmaker
2,105,159
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Good morning, Peter... North Carolina contracts are not time if of the essence, but our South Carolina contracts are.

Oct 31, 2017 06:08 AM #2
Rainmaker
580,358
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Great blog...we just had a sales training meeting in our office about this exact thing last week!

Oct 31, 2017 06:11 AM #3
Rainmaker
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Lisa Von Domek
Lisa Von Domek & Associates LLC Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Great post Peter den Boer too many do not pay attention to the critical timelines in a contract.

Nov 09, 2017 09:25 AM #4
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Rainmaker
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Peter den Boer

MBA,GRI, Associate Broker, Realtor
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