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Rainmaker
1,707,397
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Time is of the essence is one of the three phrases I learned in real estate school in 1989 along with location, location, location, and SF is MOL.

Mar 15, 2017 04:45 PM
Rainmaker
3,315,838
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

The closing date is usually on or before the date, not after it. It is the agents duty to watch dates and work with the buyer and seller to make sure they meet that date. Of a curse an extension can be had if agreeable, but it is not optimal, 

Mar 15, 2017 04:37 PM
Rainmaker
543,474
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

The closing date is the closing date. If it is to be other than what was agreed to, an addendum needs to be signed by both parties. If the buyer fails to perform by the closing date, the seller can sell to someone else. 

Mar 15, 2017 02:59 PM
Rainmaker
1,828,820
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

They all close on schedule.

Mar 16, 2017 07:18 AM
Rainmaker
4,015,244
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Regardless of what a contract says about a closing date, it can always be renegotiated if buyer and seller agree. My transactions close on time 99% of the time.

Mar 16, 2017 03:55 AM
Rainer
318,413
Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

We set a closing date depending on clients needs and their lenders capability.  A date we all agree upon and usually doesn't change.

Mar 15, 2017 09:12 PM
Rainmaker
1,205,794
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

The answer is here: (anonymous) ahhhh that's a shame, it must be a bashful answer.

Mar 15, 2017 08:52 PM
Ambassador
3,986,660
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It is a contractual date and to be taken very seriously. We usually close no later than this date.

Mar 15, 2017 08:20 PM
Rainmaker
1,511,879
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It is a targeted day since so many people work on the deal and our principals expect it to be closed as agreed upon. Sometimes delays happen,  in my experience, it is usually some kind of funding delays. 

Mar 15, 2017 08:06 PM
Rainmaker
521,861
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

The closing date on our sales contract is "time is of the essence" -- however we often are able to close a few days earlier.  If we close later, an amendment must be written to keep all dates and times in sync.

Mar 15, 2017 06:29 PM
Rainmaker
507,961
Jerry Murphy, CRS, SRES
Long Realty West Valley - Anthem, AZ
Anthem, Phoenix, and Scottsdale AZ Real Estate

So often nowadays it is a target date.  Lenders just don't seem to care what the closing date is.  COE extension addendums seem to be the norm these days.

Mar 15, 2017 05:47 PM
Ambassador
4,540,955
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It's the contract date and any change needs to be signed by both parties. That said I have not had parties not agree and typically it's only been a day or due, usually due to lender issues. In the last 3 years I have only had a handful of closings after the contract date and a number of them were early, including less than 30 days

Mar 15, 2017 04:52 PM
Rainmaker
1,839,810
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

In my state, they are an estimated target date (unfortunately). I wish NY State was more stringent about those closing dates.

Mar 15, 2017 04:43 PM
Ambassador
2,559,590
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

No guestimates in real estate, unless it's a development or large commercial venture.

Extensions due to repairs, lender delays, etc. are rare.

Mar 15, 2017 04:31 PM
Rainmaker
1,711,437
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

45ish & 3 days tops. Sometimes the coop broker takes longer.

Mar 15, 2017 04:04 PM
Rainmaker
808,797
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Our contract stipulates that "Time is of the essence" and the closing date must be "on or before."  Later requires agreement by all parties and buyer is in breech of contract if it doesn't close on time.  States and contracts differ, so take a look at your specific contract and consult an attorney with any contractual questions.  -Kasey

Mar 15, 2017 03:08 PM
Rainmaker
144,616
Julie Larson Realtor® Sarasota FL 941-882-0322
PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

We have a Time is of the Essence paragraph in our contract spelling out when to use calendar days vs business days. 

Many of the contracts I've seen state "on or before" the closing date. If it's going to be past the closing date, we would need an addendum signed by all parties extending the closing date.

Mar 15, 2017 03:04 PM
Rainmaker
1,044,289
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

There is this really really cool new thing to answer fact type questions... Have you heard of Google?

Feb 20, 2018 05:43 PM
Ambassador
5,325,550
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Depends on which box you check, and if you enforce the clause.

Mar 25, 2017 10:43 PM
Ambassador
4,312,753
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

It is 'Time is of essence' for sure.

Mar 19, 2017 11:53 PM
Rainmaker
4,846,646
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Without the principals extending the close date, it is the close date.

Mar 17, 2017 06:18 AM
Rainmaker
1,375,637
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

This can be asked by a person not anon.  reporting.

Mar 16, 2017 10:46 AM
Rainmaker
1,632,642
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Time is always of the essence when dates are specified.  Rarely do my transactions take longer than planned. Experience pays.

Mar 16, 2017 08:51 AM
Rainmaker
814,482
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

It depends on the circumstances; usually on time.

Mar 16, 2017 06:50 AM
Rainmaker
6,497,425
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Follow the terms of your contract. 

 

Mar 16, 2017 06:18 AM
Ambassador
1,616,354
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

much follow up is needed to close on time

Mar 16, 2017 05:48 AM
Rainmaker
3,069,934
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Door #1

Mar 16, 2017 05:43 AM
Rainmaker
3,964,422
Richard Weeks
Dallas, TX
REALTOR®, Broker

It is not a part of our contract.

Mar 16, 2017 05:31 AM
Rainmaker
4,799,481
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It is a solid date.

Mar 16, 2017 05:31 AM
Rainmaker
725,660
Paul Antonelli
Antonelli Realty - Saint Cloud, FL
Broker Owner; Antonelli Realty

Usually it is the date but then it depends on the loan type, VA's might be longer, USDA's are ify, etc.

Mar 16, 2017 04:42 AM
Rainmaker
281,768
Nancy Robinson Ranked #6 in MI
Century 21 Town and Country - Royal Oak, MI
#11 Century21 Realtor in the US, #16 in the World

Time is of the essence means to  tend to all aspects of  the transaction ASAP. 

Mar 15, 2017 07:45 PM
Ambassador
3,029,453
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Time is always of the essence in our contracts.  99% of the time we close on the date specified in the contract. 

Mar 15, 2017 06:20 PM
Rainmaker
655,007
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

"Time is of the essence" Always. And if we need an extension of contract an addendum signed by both parties is required.

Mar 15, 2017 05:31 PM
Rainmaker
1,157,485
FN LN
Toronto, ON

Time is of the essence in my jurisdiction.

Mar 15, 2017 03:54 PM
Rainmaker
2,630,488
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

If it was to be an exact drop dead date, we would all be in litigation...

Mar 15, 2017 03:47 PM
Rainmaker
1,453,627
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

We are a "Time is of the essence" contract date. This is why it is important to meet the contractural dates. If extensions are not prepared prior to the contract date, the contract could be a breach of contract.

Mar 15, 2017 03:40 PM