Time Is Of The Essence

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

time is of the essence  Margaret Rome

 

 

 Time Is Of The Essence is defined:

 Failure to act within the time required constitutes a breach of the contract.

 

Just because you have 10, 12 or 30 days to respond... does not mean you have to wait that entire time.

It's common courtesy if you know sooner to respond when that information is known.

 

A few examples:

 

If there is a home settlement contingency and the buyer's buyer defaults...let the other party know.

 

If there is an "as is"  contract with ''right to terminate'' in 12 days and you know within 2 days, let the other side know!

 

If they are going to terminate based on HOA or condo documents, and know in a day, let it be known before the 5-7 day time limit. 

 

It's just common courtesy.

 

 common courtesey

 

Don't hold up a transaction because you can.

 

 Margaret Rome

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Maryland Baltimore County
Groups:
LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Cosmic Cow Pie...The Rome Way
Bananatude
Bartender, Make it a Double
Old Farts Club
Tags:
homerome
time is of the essence
common courtesy

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Anna Banana Kruchten CRS,CRB Good to see you. It is the professional way to handle business.

Dec 05, 2017 12:28 PM #8
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Joe Pryor Just left you a message...looking for a translation SF is MOL but I found it...Thank you!

Dec 05, 2017 12:38 PM #9
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Victoria Ray Henderson Marshall Henderson Thanks for stopping by. You are invited to my open house this Saturday in Chesapeake Beach.

Dec 05, 2017 12:40 PM #10
Rainmaker
2,065,604
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I agree with you about time of the essence, Margaret.  Complying within the time period, or even earlier is common courtesy.

Dec 05, 2017 01:33 PM #11
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Myrl Jeffcoat ALways good to see you.

Dec 05, 2017 01:46 PM #12
Ambassador
2,871,935
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Common courtesy is so simple, yet so absent in my day today.  I was going round and round on deadlines and settlement dates all day today with a cooperating agent.

Dec 05, 2017 03:13 PM #13
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Chris Ann Cleland Sorry that common courtesy was not there for you today.

Reminder: Open house in Cheaspeake Beach on Saturday....just in case your schedule allows.

Dec 05, 2017 03:33 PM #14
Rainmaker
280,291
Karen Rice
Keller Williams Alliance - Charlottesville, VA
Keller Williams Alliance Charlottesville VA

Wise words Margaret Rome, Baltimore Maryland. It is common courtesy to let everyone know of any hiccups in a timely manner.  "Time is of the essence" is a simple phrase that holds a lot of weight.

Dec 06, 2017 02:58 PM #15
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Karen Rice That paragraph holds a lot of weight. Thanks for stopping by.

Dec 06, 2017 05:29 PM #16
Ambassador
3,447,927
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi Margaret

The issues of dates, and time being of the essence, is so critical, yet many respond as if these don't exist. Sure stuff happens but some buyers, and agents, act as if there is no written contract. Others do a great job and are responsive, despite the outcomes, as they should be.

Jeff

Dec 10, 2017 07:38 AM #17
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Jeff Dowler You summed this up well. The dates are to be taken with a great deal of seriousness.

Dec 10, 2017 07:52 AM #18
Rainmaker
611,663
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

H Margaret - thanks for this! It is common courtesy and recognition that there are human beings on the other side, making plans, who need to know!

Dec 10, 2017 08:04 AM #19
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

My point exactly Mary Douglas 

Dec 10, 2017 08:06 AM #20
Rainmaker
219,235
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

Great blog about an issue we often run into.  Common courtesy, not always so common.  

Dec 10, 2017 01:18 PM #21
Ambassador
1,620,489
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

I always love your posts  Margaret Rome, Baltimore Maryland  they are just wonderful

Dec 10, 2017 01:57 PM #22
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Hannah Williams And I always love your comments!! You are wondeful.

Dec 10, 2017 02:21 PM #23
Rainmaker
311,012
John Wiley
Jones & Co. Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

I am amazed at how many agents and buyers do not consider time as stated in the contract to be of any real consequence.

Thanks for sharing and I hope many will read and come to understand what:

"time is of the essence" really means.

Dec 12, 2017 11:22 AM #24
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

John Wiley Being that it is the first thing at the top of the contract, in bold and boxed..one would/should realize the importance.

Dec 12, 2017 02:01 PM #25
Rainer
366,241
Betsy N. Robinson - Serving the Sandhills, NC
Everything Pines Partners, LLC. - Whispering Pines, NC
CNS

And to not take advantage of grace periods in contracts, particularly closing dates!  Many parties are relying on closing at a set time and delays create havoc and start daisy chain events with significant consequences.

Dec 14, 2017 04:17 AM #26
Ambassador
2,627,950
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Betsy N. Robinson - Serving the Sandhills, NC 

Havoc is definitely created  and this havoc  has many consequences

Feb 07, 2018 03:57 PM #27
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
2,627,950

Margaret Rome, Baltimore Maryland

Sell Your Home With Margaret Rome
Sell Your Home Margaret Rome 410.530.2400
*
*
*
*
Spam prevention