Re/Max Oceanview Realty Weekly Report | Nov 23 - Nov 30, 2021

All real estate contracts contain a standard clause: “Time is of the essence”. This little phrase has a big effect on real estate contracts. It means if the contract calls for one party to do something by a certain date, that date must be met or the other party may terminate the contract. However, it’s important to note that written terms in a contract can be unintentionally nullified by the actions of the parties. For instance, if the parties first agree that something must be done by a certain date and they later extend it, their action implies that time is no longer of the essence. This is a problem, as there can’t be uncertainty about whether dates need to be met or not. Thus, when there are changes to the contract involving dates, we add the phrase “Time remains of the essence”. This reintroduces the stipulation that dates must be met or the contract may be terminated. Do you have real estate questions? Call Us FIRST!

Click here to view full report including the latest sales and listing stats

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.