The contract to purchase a property spells out what you have to do and when you have to do it, up through actually closing on the purchase. We call those rules the timeline.
The timeline can be very specific and each item in the contract can have a different amount of time allotted to it.
For example, the buyer fills out a contract offering to purchase property at a certain price on a certain day, they give the seller so many days to respond to the offer. This is the start of tracking the timeline.
Once the buyer and seller have agreed to all the details and have signed and initialled everything they have an “executable contract”, that’s when the contract’s timeline really begins.
If you read your contact you will find lots of dates. There may be a deadlines set for inspections, earnest money deposits, applying for financing, appraisals, qualifying for your loan, and closing.
When our customers have an actual signed contract we furnish you with a timeline calendar to help keep you sane, but you can do this yourself too. Read through the entire contract and just write down the different deadlines mentioned for each item. Be sure not to leave one out, that could cost you your deposit if it is not followed.
Time is of the Essence
The timeline can be very specific, and is a strict date if it states in the contract that “time is of the essence”. This phrase means that this specific item MUST be done on or before this date. If time is of the essence is used to describe the closing date, then that means that this property MUST closed on or before this date or the contract is over. One day late will affect the closing.
Protect your Investment
Staying on track with what your contract requires is the best way to get safely to closing. It is also a great way to protect your deposit in case something happens along the way.
Relax and Sleep Easy
Our agents become the contract guardians for our customers, reminding you whenever a deadline is approaching. We give you a copy of the timeline, so you can plan your life, but we track it for you. That way you can focus on packing and setting up your new life!
We also keep track of what the other party is up to and whether they are on track (because we want to make sure your sale closes when you wanted it to).