Time is of the Essence. What exactly does that mean? It means: Once a contract is executed, you HAVE to proceed according to the dictates of the contract that your customer has signed. If you go one day beyond, or do not perform according to that contract, your customer has defaulted according to the contract. You can cause your customer to lose their deposit, and possibly become liable yourself. You are the expert and in many instances, your Buyer or Seller depends on you to guide them in the right direction. And if you fail to deposit or fail to hand the deposit to the designated Broker in a timely fashion, you and your Broker may face consequences from Fla Statute 475, which governs us in the practice of real estate. When I have a customer, whether Buyer or Seller and the contract is executed, I then email the other Realtor and state the effective date. After 30+ years of selling real estate, no one has ever disputed my calculation of the effective date. That puts everyone on notice, and the count begins. So my Fellow Realtors, enough for compliance this week, be good to each other.
Until Next Monday…
Monday Morning With Matey 