It’s interesting how some people like to get things done right away and others like to wait until the last possible minute.  If you are one of the latter and are entering into a real estate contract, you might just have to change your ways for a little while.

In the Maryland Association of Realtors (MAR) Residential Contract of Sale (the form that most realtors use when assisting buyers with writing an offer to purchase a home), timelines are delineated for everything from the number of days that you have to make loan application to the number of days that you have to do a home inspection and submit a request for repairs to the seller.  Missing these deadlines could mean that you forfeit your right to do an inspection and request repairs, or put you in default of the contract which could jeopardize your earnest money deposit and put you at risk of being sued .

In fact, at the top of the MAR contract there is a sentence in a box that stating, “TIME IS OF THE ESSENCE.  Time is of the essence of this Contract.  The failure of Seller or Buyer to perform any act as provided in this Contract by a prescribed date or within a prescribed time period shall be a default under this Contract...” making it clear to the buyer and seller that they must adhere to the timelines set forth in the contract of sale.

Bottom line—if you are purchasing or selling a home, make sure that you know all of the deadlines in the contract, so that you can plan appropriately to meet all of your obligations.  A good realtor should monitor these deadlines for you and alert you when a deadline is approaching.

For more information about items that are contained in residential real estate contracts as well as tips for buying a home and selling a home, check out our Buyers and Sellers sections of the website.

Wishing you sunshine everyday and your Maryland dream home,
Jesse