Home Selling in Vienna>Question Details

Ltrettau, Home Seller in Vienna, VA

Can you explain "Time is of the essence" and it is required by Virginia law to be part of every contract?

Asked by Ltrettau, Vienna, VA Thu Aug 9, 2012


Help the community by answering this question:


"Time is of the essence" does not have different meanings in different states, and its definition is plastered all over the internet for anyone to see.
1 vote Thank Flag Link Fri Aug 10, 2012
It means that the time periods specified in the contract are rigid - for example, if it states that the seller will deliver a disclosure document within three business days after mutual acceptance, the buyer can void the contract on day 4 - the seller has then lost their ability to keep the buyer under contract.
1 vote Thank Flag Link Thu Aug 9, 2012
The answers below do not offer legal advice. The answers provide a definition. If you read the answers below nobody advised as to the Virginia law portion of the question. Yet the person advising not to listen to out of state brokers is attempting to quote New York laws. Definitions to certain terms remain the same regardless of location, such as ignorance, arrogance, and insulting.
0 votes Thank Flag Link Fri Aug 10, 2012
Hi, Alan. No one who is not a member of the bar in the state where the question is asked should even attempt to answer a legal question, for two reasons. First, to do so may be construed as practicing law without a license. This situation is like a real estate broker taking a listing in a state where the broker is not licensed. Second, laws vary greatly between states. Just for instance, in the state of New York, no real estate broker/agent can write a legal contract to purchase real estate.
0 votes Thank Flag Link Fri Aug 10, 2012
@ John

So... the issue is that "this is a legal question" that should not be answered by Realtors, it should be answered by a lawyer. Agreed.

What does the "pay no attention to answers from out of state." have to do with that?
0 votes Thank Flag Link Thu Aug 9, 2012
Alan May, Real Estate Pro in Evanston, IL
Hi. Pay no attention to answers from out of state. This is a legal question. Real estate professionals, unless they are also admitted to the bar of the state in question, have no business answering legal questions. You should consult a reputable real estate attorney. Monarch Title can provide you with names of several in your home area.
0 votes Thank Flag Link Thu Aug 9, 2012
A contract may call for a specific time by which the agreed on acts must be completely performed. It means that the contract must be performed within the time limit specified. When a contract does not specify a date for performance, the acts it requires should be performed within a reasonable time, depending on the situation.
0 votes Thank Flag Link Thu Aug 9, 2012
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