Posted by ScottS on February 13, 2001 at 12:49:20:
Joe,
Actually, I think Bill meant to say “with” the clause in the contract.
If you have the clause it gives definite notice that time IS of the essence and if the other party goes beyond that time breach of contract may not be allowed.
But like you say, in the abscence of the clause you most likely would get laughed out.
I think you two are saying close to the same thing.
Joe, I went into a deal with a out of town seller and had to agree to a contract without the T of E clause,it was a trade off with no penalty’s for late close on my part.Contract was signed before Thanksgiving and still isn’t done. Can’t get the guy to return any paperwork without a fight.
Come to find out he died waiting for his personal notary to seal the docs. Now have to wait till the estate is probated for the deed and can’t do anything about it.Live and Learn
Mark