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Time Is Of The Essence

 

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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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 
Comment balloon 27 commentsMargaret Rome Baltimore 410-530-2400 • December 05 2017 12:54AM

Comments

Waiting till the last minute cold mean the loss of you deal and no one to blame but you

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 2 years ago

   If only everyone would practice this, Margaret!  I had someone recently who strung us along 15 days, until the last day of the contingency period, to tell us what they had already decided on day 3 or 4. 

     I want to give a shout out to Carol Williams  and suggest that she consider this post for her Saturday Featured Posts.

Posted by Fred Griffin Tallahassee Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) over 2 years ago

Nothing drives me crazier than that.  I recently had one terminate on the very last day they could and I really hated to make that call to my seller, but it was within their legal right, but they had to KNOW way before their agent notified me.  Fortunately we had waiting in the wings buyers who closed.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 2 years ago

Tammy Lankford, 

At least you had another buyer...but that call to the seller is a tough one.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

Excellent point Margaret! It's good business practice to not string people along. Good communication and consideration are vital for the success of a deal. 

Posted by Victoria Ray Henderson, Real Estate for Home Buyers with Buyer's Edge (Buyer's Edge Company Inc) over 2 years ago

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.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) over 2 years ago

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.

Posted by Anna Banana Kruchten Arizona's Top Banana!, 602-380-4886 (HomeSmart Real Estate BR030809000) over 2 years ago

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

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 2 years ago

Myrl Jeffcoat ALways good to see you.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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.

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) over 2 years ago

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.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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.

Posted by Karen Rice Madison AL Realtor, 256-348-1527 Call/Text (Keller Williams Realty Madison) over 2 years ago

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

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California) over 2 years ago

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

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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!

Posted by Mary Douglas, REALTOR, Red Feather Lakes, Colorado (United Country Ponderosa Realty, Red Feather Lakes, Colorado) over 2 years ago

My point exactly Mary Douglas 

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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

Posted by Shirley Coomer, Realtor, Keller Williams Realty, Phoenix Az (Keller Williams Realty Sonoran Living) over 2 years ago

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

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 2 years ago

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

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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.

Posted by John Wiley, Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA over 2 years ago

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.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

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.

Posted by Betsy N. Robinson - Serving the Sandhills, NC, CNS (Everything Pines Partners, LLC.) over 2 years ago

Betsy N. Robinson - Serving the Sandhills, NC 

Havoc is definitely created  and this havoc  has many consequences

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 2 years ago

Participate