Click here if you cannot see the video above. The standard real estate contract for the state of California includes a clause that says, "Time is of the Essence."  Essentially, this means that the parties to the contract need to perform according to the timelines laid out in the contract or they could otherwise be in breach of the contract. It appears to me that a lot of buyers, and many agents, seem to totally ignore this clause.  It is pretty common for most escrows to be delayed 1-2 weeks or more.  It is … [Read more...]