It’s 5:00 somewhere, but what does that mean? The Utah State Real Estate Purchase Contract (REPC) spells it out in section 21: Time is of the Essence.
0:00 – Introduction
1:12 – What does “Time is of the Essence” Mean? Time is an important factor in the contract.
1:48 – Day Ends at 5:00 p.m. Any date is assumed to end at 5:00 p.m. (Mountain Time) on that day.
3:29 – Today is Day 0. If you have 4 days to deposit earnest money, for example, tomorrow is day 1.
5:29 – Storytime with Aric. This is a buyer we didn’t love. They passed the 5:00 p.m. deadline, and we kicked them out of the contract to accept a better offer.
7:35 – 5:00 deadline only applies to buyer and seller. Not the lender, appraiser, inspector, or anyone other third party.
8:43 – What’d we learn today?
10:28 – Bloopers.
* No clocks were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.