1,712,876
Time is of the essence is one of the three phrases I learned in real estate school in 1989 along with location, location, location, and SF is MOL.
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Nina Hollander, Broker
Charlotte, NC
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Abby Stiller
Cape Coral, FL
3,416,038
The closing date is usually on or before the date, not after it. It is the agents duty to watch dates and work with the buyer and seller to make sure they meet that date. Of a curse an extension can be had if agreeable, but it is not optimal,
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Nina Hollander, Broker
Charlotte, NC
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Abby Stiller
Cape Coral, FL
717,035
The closing date is the closing date. If it is to be other than what was agreed to, an addendum needs to be signed by both parties. If the buyer fails to perform by the closing date, the seller can sell to someone else.
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Nina Hollander, Broker
Charlotte, NC
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Julie Larson Realtor® ...
Sarasota, FL
2,222,281
5,116,528
Regardless of what a contract says about a closing date, it can always be renegotiated if buyer and seller agree. My transactions close on time 99% of the time.
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Richard Weeks
Dallas, TX
321,564
We set a closing date depending on clients needs and their lenders capability. A date we all agree upon and usually doesn't change.
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Nina Hollander, Broker
Charlotte, NC
1,554,939
The answer is here: (anonymous) ahhhh that's a shame, it must be a bashful answer.
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Nina Hollander, Broker
Charlotte, NC
3,988,013
It is a contractual date and to be taken very seriously. We usually close no later than this date.
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Nina Hollander, Broker
Charlotte, NC
1,625,253
It is a targeted day since so many people work on the deal and our principals expect it to be closed as agreed upon. Sometimes delays happen, in my experience, it is usually some kind of funding delays.
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Nina Hollander, Broker
Charlotte, NC
679,404
The closing date on our sales contract is "time is of the essence" -- however we often are able to close a few days earlier. If we close later, an amendment must be written to keep all dates and times in sync.
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Nina Hollander, Broker
Charlotte, NC
508,387
So often nowadays it is a target date. Lenders just don't seem to care what the closing date is. COE extension addendums seem to be the norm these days.
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Nina Hollander, Broker
Charlotte, NC
5,063,230
It's the contract date and any change needs to be signed by both parties. That said I have not had parties not agree and typically it's only been a day or due, usually due to lender issues. In the last 3 years I have only had a handful of closings after the contract date and a number of them were early, including less than 30 days
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Nina Hollander, Broker
Charlotte, NC
2,459,243
In my state, they are an estimated target date (unfortunately). I wish NY State was more stringent about those closing dates.
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Nina Hollander, Broker
Charlotte, NC
2,684,769
No guestimates in real estate, unless it's a development or large commercial venture.
Extensions due to repairs, lender delays, etc. are rare.
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Nina Hollander, Broker
Charlotte, NC
1,847,741
45ish & 3 days tops. Sometimes the coop broker takes longer.
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Richard Weeks
Dallas, TX
809,258
Our contract stipulates that "Time is of the essence" and the closing date must be "on or before." Later requires agreement by all parties and buyer is in breech of contract if it doesn't close on time. States and contracts differ, so take a look at your specific contract and consult an attorney with any contractual questions. -Kasey
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Nina Hollander, Broker
Charlotte, NC
151,633
We have a Time is of the Essence paragraph in our contract spelling out when to use calendar days vs business days.
Many of the contracts I've seen state "on or before" the closing date. If it's going to be past the closing date, we would need an addendum signed by all parties extending the closing date.
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Nina Hollander, Broker
Charlotte, NC
1,045,440
There is this really really cool new thing to answer fact type questions... Have you heard of Google?
6,424,817
4,319,873
5,879,676
1,506,923
1,728,767
Time is always of the essence when dates are specified. Rarely do my transactions take longer than planned. Experience pays.
902,428
7,870,916
1,617,916
3,071,589
4,906,660
4,800,132
817,753
Usually it is the date but then it depends on the loan type, VA's might be longer, USDA's are ify, etc.
282,018
Time is of the essence means to tend to all aspects of the transaction ASAP.
3,350,589
Time is always of the essence in our contracts. 99% of the time we close on the date specified in the contract.
788,803
"Time is of the essence" Always. And if we need an extension of contract an addendum signed by both parties is required.
1,157,791
2,785,456
If it was to be an exact drop dead date, we would all be in litigation...
1,466,257
We are a "Time is of the essence" contract date. This is why it is important to meet the contractural dates. If extensions are not prepared prior to the contract date, the contract could be a breach of contract.