Contract Timelines and Performance Dates
By Debbie Murray
One of the easiest ways to breach a real estate contract is to miss a performance deadline. If a party wants to "walk away" from a contract, you have made it easier for them to do so by missing your performance deadlines. You should consult a real estate attorney if you have questions or concerns about either party’s performance.
Many title companies in Texas will provide the buyer and seller a contract timeline which outlines performance dates for each party. Although this is a wonderful service provided by leading title companies, it is not their responsibility to remind parties of critical contract dates. The buyer and seller who have executed a contract are the party’s bound by the contract; therefore, they are ultimately responsible for performing timely.
If you enter into a real estate contract, flag your calendar with critical contract dates such as option expiration dates or loan commitment dates. If you are uncertain as to your performance dates, consult your Realtor®, the title company, or a real estate attorney. The best to stay out of court is to understand what you are signing and to perform timely.
Texas Associate Broker Debbie Murray helps luxury home buyers in the Dallas area facilitate real estate transactions through education. Contact Debbie at 214-558-1004.