Larry Bartolomei, CRS (Roycroft Realty)

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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

This is what the GA Realtors Association contract says beyond the specific date.  There is a unilateral 8 day extension that either party can use for the stated reasons, but any further extensions must be agreed to by all parties and if they are not contract terminates. I would venture to say that 95% of my contracts close on time.

Apr 20, 2017 10:10 AM
Rainmaker
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Corinne Guest, Managing Broker
Barrington Realty Company - Barrington, IL
The Choice of Professionals

That's awful to have to work with! Closing dates and others are not always met but the goal is to try our hardest! 

Apr 20, 2017 08:46 AM
Rainmaker
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

We don't. In Santa Clara County, CA time is of the essence. It is partly why our contract has notice to perform provisions.  If we sit silent on time-lines or other contractual provisions it is presumed acceptable. That is why we need to invoke the notice to perform provisions which essentially say ... HEY seller, or HEY buyer, you need to get off your duff and do these things. 

That said, closing dates are targets ... but 60 days!  No way Jose. Not in my market.  We do not use attorneys in our transactions.  

Apr 20, 2017 08:10 AM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

No

Apr 20, 2017 05:21 PM
Rainer
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Kenneth J. Jones, Director
Institute of Real Estate Technologies - Newark, NJ
ASA, SRES, SCGREA

Larry Bartolomei, CRS Although I've never heard of any specific language stating that time is not of the essence, I've commonly seen sales contracts that state that the closing date, "shall be on or about" such and such date.

The effect isn't really the same as your situation, since either of the parties to the "on or about" contract can serve a Time Is Of The Essence notice on the other.

Apr 20, 2017 04:11 PM
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Costa Mesa, CA
#MortgageMadeEasy Costa Mesa, CA 484-680-4852

I'm licensed in 11 states and time is of the essence in all of them.  Of course it's definitely not of the essence to some buyers, sellers, and agents I encounter, but it's always supposed to be.  Contract dates, especially with regard to commitments, contingencies, and closings, should never be taken merely as suggestions.

Apr 20, 2017 11:23 AM
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Anna Banana Kruchten, CRS
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

That sounds crazy to me!  Our closing take 30 days typically and almost always are on time because we only work with lenders that know their game and produce excellent results.

Apr 20, 2017 11:05 AM
Rainer
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Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Never heard of this.  Always time is of the essence.  So hand modify the contract and have both parties initial.  Then point it out to the title co.  See how they respond.

Apr 20, 2017 08:49 AM
Rainmaker
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Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

That would absolutely drive me to insanity.  Our contracts are "time is of the essence" and the closing date portion states "on or before."  30 days is typical in our market.  Rarely do they close late and if they do it is generally just a day or two and amended with an addendum that all parties agree to before hand or else the buyer is in breach of contract.  -Kasey

Apr 20, 2017 08:30 AM
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Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Sounds crazy to me and not in the best interests of buyers and seller

Apr 20, 2017 08:16 AM
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Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9671

We can check either box on the purchase offer.

Most will sign an extension if more time is needed to close.

Apr 20, 2017 08:11 AM
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

SOme people don't understand "time is of the essence" even when it applies. 

Apr 20, 2017 08:11 AM
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Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

This is nuts..have never heard "Time is not of the essence" in any contract. So glad we close with Title companies..if its cash we can close in 5 days if need be, I've even closed in 3 days with cash!

Apr 20, 2017 06:56 PM
Rainmaker
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Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

In CA I close them in 5 days to 30 days max, with 21 days as an average. 60 days?!? Wow!

Apr 20, 2017 06:43 PM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Not of the essence, wow.  We are 30 to 45 days for normal closing.

 

Apr 20, 2017 10:45 AM
Rainmaker
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Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Nope... we are an "on or before" contract that automatically allows a two week extension in NC. Most of my contracts close right on time or sooner. It's rare that they close late. In SC we are a time is of the essence, but again it's rare that my contracts close late and the contract can be amended if needed. Typically I write in a 30-35 day close period and everything seems to close on time.

Apr 20, 2017 10:12 AM
Rainmaker
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James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

6o days or longer???  WOW! apparently they don't understand that phrase

Apr 20, 2017 10:02 AM
Rainmaker
879,589
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

A lender that can perform on time is a rarity.  Give them 30, they'll take 40.  Give them 45, they'll take 60.  I'm convinced they don't start their loans until the day before closing...

Apr 20, 2017 09:40 AM
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The contract has to mean what it says....

Apr 20, 2017 09:36 AM
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

In Florida, time is of the essence is the standard in the contracts.  In reality, it still has very little teeth if the timing comes before a judge for legal proceedings.

Apr 21, 2017 08:01 AM
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

much better in Arizona

Apr 21, 2017 06:55 AM
Rainmaker
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Jennifer Mackay
Keller Williams Success Realty - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Absolutely not! We try to get all sales closed within 30 or less days when possible - things do happen though

Apr 21, 2017 05:05 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Time is of the essence in AZ contracts...

Apr 21, 2017 04:41 AM
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Curtis Evans
Cabin Realty LLC/ USA, Licensed in Louisiana - Golden Meadow, LA

I would work on having that taken out of the contracts. In this business everything should be done in a timely manner by all concerned !!

Apr 21, 2017 01:59 AM
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Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Larry Bartolomei, CRS - that is something I have not seen, at least in MA.

Apr 20, 2017 09:55 PM
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

As many other members suggested, here in CA, ''time is the essense'' and everyone tries to close on time or even earlier. Regular escrow is 30 days, where up to 21 days for inspections and contingencies. 

Apr 20, 2017 08:37 PM
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

In NC, our Contracts used to state "On or Before" but, now read "On _ date." If there is a delay through no fault of either party, there is a 14-day extension period but, we rarely have to go beyond the original set date. If we have an issue, it's typically lender-related.

In SC, it's "on or before" and we actually write the amount of tolerance (in days) beyond the Closing date.

I've had so many New York buyers who don't Close on time in NY because of the attorneys - they seem to Close when they want!  So, if they have to sell, in order to buy, they don't Close on time here either.

We always make alternative living and Contract arrangements for our NY clients - just in case - because the clients are simply not in control of when their homes in NY Close. I'm with you, Larry Bartolomei, CRS - I don't understand the system there but, we've learned to 'deal' with it on our end!

Apr 20, 2017 08:09 PM
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Paul S. Henderson, CRS, REALTOR®,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

The appraisal has been the hold up in the past however I have a lender who is closing in 20 to 30 days...

Apr 20, 2017 07:46 PM
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It is not that way in our market and our contracts usually close on time. Occasionally the appraisers get backlogged and cause a slight delay. 

Apr 20, 2017 06:51 PM
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Thierry Abel
Private Mortage Advisors - Mill Valley, CA
Mortgage Broker/Banker

Here in the SF bay area, the expected standard turn time is 21 day close for Conventional loans and 28 days for jumbo loans .....the big challenge is always the appraisal ...

Apr 20, 2017 06:35 PM
Rainmaker
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Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Talk with your State REALTOR Association, have public policy look at the issue. Most Associations have the power to get positive changes made.

Apr 20, 2017 06:24 PM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

That is an awful way to work. I set 45 days for conventional and 60 days for fha and va. They nearly all close on time or early. 

Apr 20, 2017 05:13 PM
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

Usually closings are late, but we then write closing extensions that all parties must sign.

Apr 20, 2017 12:59 PM
Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

21-30 days with a loan. Some seller will stipulate that lender is required to pay a penalty per diem like $100 up to a max of $5000.

Apr 20, 2017 12:51 PM
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

In our contract time is not of the essence.  Typically a good local lender can close in 30 days in our market.

Apr 20, 2017 12:19 PM
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Theo Shaw
Baird & Warner Residential Real Estate - Evanston, IL
Serving Evanston, IL & Beyond

It's the lenders that usually hold up the closing, right?  But lenders are not parties to the contract.  The buyer has to go outside the contract to obtain a loan.  If the parties to the contract (buyer and seller) do something to obstruct the closing, there would be some remedy.  Not with lenders, unfortunately.

Apr 20, 2017 11:54 AM
Rainmaker
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Julie Larson Realtor® Sarasota FL 941-882-0322
PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

Oh man, that would make me crazy!

In Forida, Time is of the Essence. I've closed cash transactions anywhere from 5 days to 3 weeks and financed transactions are usually 30-45 days.

Apr 20, 2017 11:27 AM
Rainmaker
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Agree with you we have 'hurry up' typed in there. I have had attorneys that only do 2 real estate deals a year mess up on title work. I really believe they think that the whole world revolves around their tiny schedule.

Maybe someone can offer help or you can write 'or sooner' & put a month before the day they actually want lol.

Apr 20, 2017 11:09 AM
Rainmaker
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Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

We usually close close to the date on the contract.

Apr 20, 2017 11:04 AM
Rainmaker
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Larry Bartolomei, CRS Time to start using another attorney. They will eventually get the hint.

Apr 20, 2017 09:48 AM
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Never heard of such a term on the contracts.  I would be crossing it out.

I tell lenders that if they are not going to get done on the day we set then they WILL be paying the extra it costs the buyers and will not get more business from me.

Apr 20, 2017 09:37 AM
Rainmaker
1,144,714
FN LN
Toronto, ON

The standard contracts in my jurisdiction state "time is of the essence".

Apr 20, 2017 09:34 AM
Rainmaker
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Diana White-Pettis
Exit Bennett Realty - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

In such instances, we have an extension agreement signed by both parties.  But those have been rare occasions.

Apr 20, 2017 09:28 AM
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Most closing dates here are 30-40 days out depending on type of financing. They are not always closing on time though. 

Apr 20, 2017 09:05 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Weird, that is the first thing I learned in Oklahoma real estate school.

Apr 20, 2017 09:00 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

Larry,

It makes no sense to me, and I agree with Wayne Martin 

Apr 20, 2017 08:40 AM
Rainer
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Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

Interesting, I recently wrote a Blog post on this very subject.

https://www.linkedin.com/post/edit/time-essence-believe-joseph-s-domino

 

Like CA, AZ has implemented the notice to perform provision in the latest contracts, something I thought watered down the contract.  But it does seem to be working.  As a side note, most transactions here are performed without the aid of an attorney and the Dept of RE here keeps an eye on transactions that do not follow the contract timelines. Brokers get fined, there is good incentive to meet contract dates.

Apr 20, 2017 08:39 AM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

no.... time is always of the essence.... a date AND time are written in our p/s.... 

Apr 20, 2017 08:33 AM
Rainmaker
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Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

Wow, THat would be so frustrating for buyers and sellers who are mking plans based on dates.  We dont use attorneys for normal buy/ sell transactions here in CALIF. WE typically close on time - give one or two days. 

Apr 20, 2017 08:27 AM
Rainmaker
551,075
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

 Let's see....who created that contract?  An attorney of course!

Clearly a 'self-serviing' device to ensure attorneys suffer no consequence for their own indifference, sloppiness and inability to decipher time and dates.

In 'title' states, which Florida is one, it is the lenders who demonstrate such disregard for a time-line. Get the lenders out of the equation and a five day closing is possible.

Apr 20, 2017 08:18 AM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Perhaps, you should change the wording of your contracts.

Apr 20, 2017 08:18 AM