Time is of the essence? What does that mean?
This is another term in real estate that often gets overlooked because it has more than one meaning. The legal definition is failure to act within the time required constitutes a breach of contract. Or in other words a phrase in a contract that means that performance by one party at or within a period of specified time in the contract is necessary to enable that party to require performance by the other party.
Breaking it down, both parties have to meet the time. Of all of the different contingencies in a purchase agreement for that purchase agreement to move forward. Seems logical but many times it gets lost in the shuffle of doing business.
The point of this episode is to discuss timelines and how to meet all of those requirements so that you as a buyer do not end up in a breach of contract allowing the seller to cancel the purchase agreement and sell the home to someone else.
As a homebuyer you don’t need to know everything but you do need to make sure that you’ve hired a team of professionals to help you through the process of buying a home. It never hurts to understand a little bit about the process to make you a better informed homebuyer.
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