Why Time is Critical in Real Estate

10 July 2019
Remax-Condos-Plus

'Time is of the essence' rules most of our lives, but it is critical when it comes to real estate. In fact, this exact clause appears as part of the agreement of purchase of sale.

Why?

During the agreement process, there are certain deadlines you must make to keep the deal alive and to finalize your acceptance of the deal. When an agreement states the offer is valid until such and such a time, that is the drop dead date and time.

What many agents, buyers and sellers don't realize, is that you must communicate your acceptance to the agent on the other side, not verbally, or even by text. It must be in the same manner or format in which you receive the agreement. If you receive it by email or fax, you need to respond in the same way to complete the deal.

We just had an incident where both agents agreed, by text, within the time frame of the agreement. But, the agreement was never sent to the other party within the time frame. The result? No deal.

Don't let that happen to you.


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