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

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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

That is one the three mantras I learned in real estate classes in 1989. The other two were location location location, and SF is MOL.

Dec 05, 2017 07:36 AM #6
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Anna Banana Kruchten CRS,CRB
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

I so agree Margaret Rome, Baltimore Maryland . It is the professional way to handle business by letting the other party know there has been a change in circumstance as soon as it's known.

Dec 05, 2017 10:27 AM #7
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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Anna Banana Kruchten CRS,CRB Good to see you. It is the professional way to handle business.

Dec 05, 2017 12:28 PM #8
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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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
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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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
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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
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Margaret Rome, Baltimore Maryland
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Myrl Jeffcoat ALways good to see you.

Dec 05, 2017 01:46 PM #12
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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
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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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
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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
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Margaret Rome, Baltimore Maryland
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Karen Rice That paragraph holds a lot of weight. Thanks for stopping by.

Dec 06, 2017 05:29 PM #16
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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
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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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
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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
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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My point exactly Mary Douglas 

Dec 10, 2017 08:06 AM #20
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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
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
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I always love your posts  Margaret Rome, Baltimore Maryland  they are just wonderful

Dec 10, 2017 01:57 PM #22
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Margaret Rome, Baltimore Maryland
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Hannah Williams And I always love your comments!! You are wondeful.

Dec 10, 2017 02:21 PM #23
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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
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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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
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