No, I don't mean people you go out with, silly. I'm referring to dates in the purchase contract. CARLSBAD BUYERS AND SELLERS - THIS IS IMPORTANT!
Knowing your dates is critical for everyone - buyers, sellers, agents - so that the transaction can proceed as smoothly as possible and doesn't fall apart because one party or the other doesn't do their job.
As an agent, you need to help your clients here, and make sure they know the relevant dates. And help them understand the implications of those dates (e.g., time frame for offer expiration, inspections, contingency removal, application for a loan, the loan commitment, closing...the list goes on) - it's part of your fiduciary responsibility. Depending on your state, your contract may be riddled with enough dates to fill your calendar for the next 4-6 weeks. While they may be negotiable up front, once the contract is signed you must help your clients meet those important deadlines. Failure to reach a due date can result in a contract falling apart, if someone wants to go that far.
Here in California you can issue a Request to Perform (with a due date) if, for example, the buyers do not remove their contingencies within the stipulated time frame. And we probably all have had experience, or know someone who has, with a loan not getting approved in time. Plus some lenders (e.g., in a foreclosure) or builders (some new construction) may charge a daily fee if closing doesn't happen when it's supposed to.
I like to provide my clients with a time line, or a calendar that lays out all the important date so everyone knows in advance. And written reminders a few days beforehand to all concerned will serve you well. It's tough if clients are not always timely, but it is our job to help them be on time, and to understand what may happen if they aren't, since they may not know or realize the consequences. Think of yourself as the master scheduler, or maybe the cruise director managing all the activities.
Buyers and sellers, you need to understand the dates you are agreeing to, and make every effort to meet them. Sometimes things happen (our old friend, Murphy) so extensions may be needed and agreed on in writing.
If you have questions about what has to happen and when, ask your agent. Need to understand your options if you can't meet a deadline? Ask!
- While you are responsible for doing what you agree to do in a timely manner, your agent is there to help YOU. Contracts can be confusing, and keeping it all straight and knowing who is supposed to be doing what equally so.
- Highlight the critical dates in the contract
- Put them on your calendar
- Set up reminders in your Palm or in Outlook with an alarm
Do whatever you need to do to not let time tick away. Not everyone is always keen on being punctual, but your contractual obligations are one time when you don't want to be late for your date!
Failure to adhere to the dates can put your transaction in jeopardy, whether you are the buyer or the seller.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360
or email me at JDowler@remax.net.
All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
