Idaho’s RE-21 Real Estate Purchase and Sale Agreement has the usual “Time Is Of The Essence” language included in it.
Despite its importance, that clause is often disregarded.
I often experience situations where agents, buyers, and/or sellers ignore deadlines.
Commonly-ignored deadlines often include:
- Sellers responding to an offer.
- Buyers responding to a counteroffer.
- Buyers providing proof of approved financing.
- Buyers completing inspections.
- Buyers requesting repairs (as a result of inspections).
- Sellers responding to a buyer repair request (as a result of inspections).
- Buyers approving/rejecting CCRs.
- Buyers completing a walk-through prior to closing.
- Closing date.
There are often more instances, but you get the idea.
Real estate contracts are intended to be legally-binding agreements between buyer and seller.
When deadlines are missed, the validity of the agreement can be called into question.
Missed deadlines can easily be avoided by buyer and seller mutually agreeing (in writing) to extend the time allowed to meet a deadline.
The bottom line?
Adhere to the deadlines included in your RE-21 Purchase and Sale Agreement if you want to avoid problems.