3,164,294
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.
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Lyn Sims
Schaumburg, IL
3,345,091
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.
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
-
Joseph Domino 480-390-...
Scottsdale, AZ
2,220,654
No
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,076,551
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.
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
3,587,960
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.
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
259,005
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.
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
809,258
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
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
5,049,455
Sounds crazy to me and not in the best interests of buyers and seller
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
6,393,609
We can check either box on the purchase offer.
Most will sign an extension if more time is needed to close.
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
5,216,409
SOme people don't understand "time is of the essence" even when it applies.
-
Pete Xavier
Pacific Palisades, CA
-
Jill Murty, Realtor - ...
Laguna Niguel, CA
5,005,659
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!
-
Debe Maxwell, CRS
Charlotte, NC
1,543,823
In CA I close them in 5 days to 30 days max, with 21 days as an average. 60 days?!? Wow!
-
Debe Maxwell, CRS
Charlotte, NC
4,936,705
Not of the essence, wow. We are 30 to 45 days for normal closing.
-
Lyn Sims
Schaumburg, IL
5,104,931
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.
-
Lyn Sims
Schaumburg, IL
3,626,530
6o days or longer??? WOW! apparently they don't understand that phrase
-
Nina Hollander, Broker
Charlotte, NC
1,502,998
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...
-
Lyn Sims
Schaumburg, IL
2,781,173
1,045,440
4,800,082
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.
1,617,916
989,652
Absolutely not! We try to get all sales closed within 30 or less days when possible - things do happen though
3,071,489
274,059
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 !!
4,319,419
Larry Bartolomei, CRS - that is something I have not seen, at least in MA.
1,622,432
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.
5,230,113
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!
4,272,548
The appraisal has been the hold up in the past however I have a lender who is closing in 20 to 30 days...
3,988,007
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.
1,560
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 ...
628,814
Talk with your State REALTOR Association, have public policy look at the issue. Most Associations have the power to get positive changes made.
3,416,038
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.
1,725,996
Usually closings are late, but we then write closing extensions that all parties must sign.
1,239,901
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.
4,882,355
In our contract time is not of the essence. Typically a good local lender can close in 30 days in our market.
91,335
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.
151,633
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.
1,844,301
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.
1,525,616
1,466,207
Larry Bartolomei, CRS Time to start using another attorney. They will eventually get the hint.
3,986,258
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.
1,157,785
The standard contracts in my jurisdiction state "time is of the essence".
142,796
In such instances, we have an extension agreement signed by both parties. But those have been rare occasions.
2,161,048
Most closing dates here are 30-40 days out depending on type of financing. They are not always closing on time though.
1,712,676
Weird, that is the first thing I learned in Oklahoma real estate school.
5,772,575
508,318
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.
5,583,278
no.... time is always of the essence.... a date AND time are written in our p/s....
117,135
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.
921,504
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.
7,836,419