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Time is of the essence can relate to a couple of things as it pertains to buying a home in Crofton, MD. Certainly, it can pertain to making an offer and getting the home of your choice. The market is changing here in Crofton and buyers shouldn't wait too long to make an offer. While you're waiting and thinking, someone else is working with their Realtor and the home you thought you were going to get will be gone.

For purposes of this post though, lets talk about a clause in the contract of sale that pertains to "Time is of the Essence." In the Maryland Residential Contract of Sale, the Time is of the Essence clause is right at the top of the contract. Its pretty hard to miss because its located before any of the paragraphs, and is outlined with a border. The clause says:

"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 and the non defaulting party, upon written notice to the defaulting party, may declare this Contract null and void and of no further legal force and effect. In such event, all Deposit(s) shall be disbursed in accordance with Paragraph 19 of this Contract."

An offer to purchase a home using the Maryland Residential Contract of Sale can get pretty complicated. This is especially true with respect to all the corresponding addenda that might be required. On a simple, routine sale, the contract can easily exceed thirty pages. Within that entire contract, both the buyer and seller commit to perform specific acts within a time frame. As you can see from the Contract language, those dates are very important. You, and your Realtor should be closely monitoring the dates in the Contract so that the transaction continues smoothly to its ultimate goal, settlement.

The dates you and your agent place in the contract have consequences if they're not met.

If you're looking to buy or sell a home in the Crofton MD real estate area, or surrounding communities, and you don't already have an agent, I can help.