Time Is of the Essence! No Really... It Is!!
As a real estate agent, I’m generally not high pressure with my clients.
As they’re trying to get a house ready to sell, then life happens and they need more time, I can roll with that.
As I work with individuals who want to buy a home, I can be patient as they look at properties to find the one that’s right for their needs.
But once a purchase and sale agreement is signed and my clients are under contract, I will NOT be laid back. That’s when I’ll double check and ask questions and makes sure things get done because in Georgia, our purchase and sale agreements have this clause in them that says, “time is of the essence.”
Time Is of the Essence = “Legal” Speak
Back when I was taking real estate classes to get my license, one of the things they stressed in training was that when a contract states, “time is of the essence,” that’s not a quaint turn of phrase. It’s a legal reference.
Time references in the contract must be followed.
If the actions connected to those time references are not completed as spelled out, there are consequences.
I’m not a lawyer but I consider part of my job as a real estate agent who represents my clients’ best interests is to make sure clients meet their deadlines, so they don’t experience negative consequences.
If the contract says 3 days, the person responsible for that action legit has 3 days to get the thing done. Not 4, not 5. 3.
There Are Consequences
If the person fails to take the action required by the contract in a timely manner as specified in the contract, the purchase and sale agreement can become voidable.
Voidable is different from void.
Void mean canceled.
Voidable means it could become void. If the other party wants to void the contract, then there could be bad results for my clients.
Fortunately, the Georgia Association of REALTOR contracts spell out expectations and remedies if certain items are missed and more timelines within which to remedy the issues.
But again, time is of the essence, so those remedies must be done within the time specifications of the contract.
While I don’t like to nag, before warned... I will nag and pester when it’s in the best interest of my clients!
