NineToFiveEntrepreneur

Wholesaling Real Estate Lessons

If they told you this is #easy please do not believe the #hype.

Time Of Essence

What is it?
With any contractual agreements it is always best to preform your obligations in a timely manner. With a “Time of Essence” clause it will state that each party will have a specific timeframe to complete whatever tasks and the deadlines associated. When either party fails to complete their obligations within that deadline and extensions are not granted by the other party, then the other party has a right to terminate the contract.

Sounds Harmless, right?

Wrong! If there is a deposit being held, the tardy party can forfeit those funds if they do not perform. OR The tardy party can be held liable for the funds spent by the other party.

There was a time when my #buyer could not #perform or #close on a deal. We requested an #extension from the #seller but was #denied. This meant the seller terminated the contract and the buyer had to fight to keep his deposit. They settled on half of the deposit being returned to the buyer and the other half went to the seller due lack of performance.

Every deal is a lesson. Take heed! Make adjustments and keep going.

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