Deadlines Matter in Real Estate Agreements

Wednesday, March 15, 2017 Written by Emmanuelle in Real Estate industry

Time deadlines in real estate deals have never been more important than today. Some deals can fall apart just because the Dead line is not met. Imagine a Buyer too late on a hot market, the sellers might take advantage of it and pick up another Buyer with a better offer.

 1. Time is of the essence. Deadlines matter.
Courts have held that time deadlines, whether for delivery of deposits or waiving conditions, matter. If they are missed, even by a few minutes, it could result in the cancellation of the deal. I always make sure, it does not happen to my clients.

2. I never leave the last minute drive the deal

Even in an age of instant communication, emails are returned as unsent and faxes are returned as busy. I make sure to send it and confirm that it was received by the other side in advance of any deadline date.

3. I make sure deposit funds are available before you present any offer.
I speak with my clients to make sure they can obtain a bank draft for any deposit within 24 hours of any offer being accepted. Would it not be possible, I can add in a clause that the deposit will be paid within 48-72 hours after acceptance.

4. Make sure all your financing conditions are satisfied well in advance.
Just because a buyer is approved for a mortgage does not mean that funds will arrive in time on the closing date.

Have a wonderful week, and a joyful spring.