Section F – Time

First Things First:

The July statistics are in. Across the board, you’ll see sales down and inventory up, but we are near even strength with last year at this time on new pending sales. Note: the farther south you go into Broward and Dade County is where the real bloodbath is taking place. Palm Beach & the Treasure Coast are stabilizing. As you scroll down, notice how low today’s mortgage rates are. Now on to today’s JJ….

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Paul Noble says you can learn Spanish in 13 hours and 21 minutes. Since, two years of high school Spanish didn’t net me much, I thought why not?

Learn Spanish with Paul Noble, The Complete Course is available on Audible. I now have 11 hours, and 53 minutes left to go. My head in the car gets exhausted every 7 to 10 minutes, and I find myself wanting to listen to anything but Paul Noble. Learning Spanish in about half a day’s time is a noble ambition, but I’m starting to wonder if I’ve been taken for $17.99. Noble says that if you know all the 1,250 English words ending in “tion” (like negotiation), then you’ve already learned 1,250 Spanish words. Plus, no is no and Yo is I (I knew that from Rocky). That’s Paul Noble in a nutshell. Actually, our website (https://www.echofineproperties.com/) now has a globe icon at the top. You can choose between Spanish, German, Hebrew, Haitian, Creole, Portuguese, Russian, French, Italian, Chinese, and Japanese. And that translation is instant! I think I should just have went there, learned 11 languages, and saved the 18 bucks.

The only thing that might be more confusing than learning a language—no matter how much time you have—is the definition of time in real estate. In fact, there is even a section in the real estate contract dedicated to the definition of “Time”.

If Paul Noble says you can learn all about Spanish, why can’t I teach you about Time in about 5 minutes? You ask a smart question, why do I need to know about Real Estate Time? Well, miss a date, and it can mean you lose your deposit—or worse, you’re purchasing a home you have no intention of buying. ¿comprender?

There are 13 things you need to know about Time. I might as well start out with the boring section of Time in Paragraph F, which you can read here under the AS-IS contract. But fortunately, you have me to give you my 5-minute cliff notes.

So, here goes my lesson in “Time.” Should be a 5-minute read—which is 13 hours and 16 minutes faster than Mr. Noble…

1. Skip – Holidays
Woo-hoo! A freebie. It’s kind of like being a kid in school again—or the mailman. They don’t count if the deadline lands on them, and you don’t have to worry about it. The only question is: what is a holiday and what isn’t? Not sure if Columbus Day counts or if it doesn’t?!

2. Skip – Weekends
Watch that Sunday game and don’t worry about real estate. Landing on weekends doesn’t count.

3. 15 Days – Inspection Time
This is the default time in an AS-IS contract to cancel after a home goes under contract. However, the norm is usually 7 or 10 days, and Realtors often write this amount in. But if you agree to terms on repairs, then you’re waiving the rest of your time. Be careful… but that’s why you hire ECHO.

4. 2 Days – Counteroffers
Counteroffers, if not spelled out, default to 2 days for acceptance unless you write in a different time. Hint: I always write in a quicker time for acceptance. One of those Paul Noble words, “negotiation”—get the deal done quick so you don’t let time pass and invite another offer.

5. Mortgage Time
Mortgage rules seem to change every few years, with responsibility to cancel switching back and forth between the seller and the buyer. The rule in our contracts now is that the buyer must cancel in writing if not approved before the end of the approval period. The default time is 30 days. However, we usually write in 10–21 days to get a loan. Today, there is no reason to tie up a home for 30 days, as the loan process is much faster. Still, if interest rates drop next year, the mortgage industry could get overwhelmed, and I could see more time being needed to secure a loan.

6. NOW – Section 4. Effective Date
Once a contract is signed and delivered, it’s valid. The closing date of a contract is the closing date. Some states use “on or about” and can move dates around. Not Florida—not under normal circumstances.

7. Zero Days / Once Delivered – HOA Documents Time
On a single-family home or townhome, there is no right to cancel once the documents are delivered. However, one can escape by using the inspection period to cancel. Note: if the seller never delivers the documents, then the buyer could have an out.

8. 3 is out-5 and 7 Days are in Once Delivered – Condo Documents Time
You had 3 days to read over the condo documents but scratch that as now its 7 days. Then there are 5 days for the Condo Association to approve with a separate 5 days for right of first refusal. And the new mitigation laws give you 7 days to review them. Note: as with HOA docs, if the seller never delivers them, then the buyer could have an out up until closing. There is even a rule if a Buyer cancels that the Buyer has to return all the documents – immediately.

9. 30 Days – Vacate Lease with Existing Tenant
The new owner of a foreclosed property does not have to honor an existing lease agreement with a tenant. The new owner can give the tenant 30 days’ notice to vacate, assume the terms of the lease, or negotiate a new lease. A tenant evicted by the new owner must sue the former owner for a refund of the security deposit. (Section 83.561, Florida Statutes)

10. 7 & 30 – Force Majeure Time
Everyone under contract needs to reread this section right now. Two numbers matter: 7 and 30. I’ll post the period of Section G that you need to know.

All time periods affected by the Force Majeure event, including the Closing Date, will be extended to a reasonable time—up to 7 days after the Force Majeure event no longer prevents performance. If such an event continues to prevent performance more than 30 days beyond the Closing Date, then either party may terminate the contract by delivering written notice, and the deposit will be refunded to the buyer—releasing both parties from further obligations.

11. Section 2, 3 & 10 – Deposits
Default is 3 days for the initial deposit and 10 days for the second deposit.

12. 365 – Listing Agreement & BBA
These are negotiable, although most will ask for 365 days in this market.

13. Cancelling or Withdrawing a Contract
Must be done within the given time periods.

¿Tienes todo eso? Seguro que dirás que sí. Mejor que Paul Noble, si me permiten decirlo.