Time Is of the Essence in Real Estate—And Why It Actually Matters

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By David Dorman, CENTURY 21 Carioti

If you’ve ever been involved in a real estate transaction here in Florida, you’ve probably seen the phrase “time is of the essence” written into the contract.

Most people glance right over it.

And honestly? That’s a mistake.

Because that one phrase carries a lot more weight than people realize—and if it’s not handled properly, it can cost you money, your deal, or both.

What “Time Is of the Essence” Really Means

In simple terms, it means this:

👉 Deadlines in the contract are not suggestions. They are firm, enforceable timelines.

You don’t get to casually slide past them and hope everything works out.

In a typical Florida real estate contract, you’ll see timelines for things like:

Escrow deposit delivery
Inspection period
Financing deadlines
Closing date

Each one of those has a specific window—and once that window closes, so do your options.

Where Things Go Wrong (More Often Than You Think)

Here’s the issue I see all the time…

Some agents—and unfortunately, some buyers and sellers—treat these timelines like they’re flexible.

They’re not.

Let me give you a real-world example.

We had a 10-day inspection period on a contract. The buyer’s agent scheduled the inspection on day 8. Fine. They got the results on day 9.

Then… nothing.

Day 10 came and went.
Day 11—still nothing.
Day 12—I finally get an email with a list of repair requests.

Now here’s the problem:

It was an as-is contract, so the seller wasn’t obligated to fix anything anyway
But more importantly… we were already outside the inspection period

So when I told them the seller wasn’t obligated to respond—and that canceling would likely result in the buyer losing their escrow deposit—you would have thought I told them something outrageous.

But I didn’t.

👉 The contract had already expired for that contingency.

That’s what “time is of the essence” actually looks like in real life.

Why This Matters (A Lot)

If you’re a buyer, missing deadlines can mean:

Losing your escrow deposit
Losing your ability to negotiate repairs
Losing the property altogether

If you’re a seller, delays can mean:

Your home is tied up in a contract that may not close
Lost time on the market
A reset that can hurt your momentum and perceived value

Every day matters.

Every timeline matters.

The Real Issue: Not All Agents Treat It That Way

This is where experience—and frankly, professionalism—comes into play.

A good agent understands that:

Contracts have hard deadlines
Communication must be constant and timely
Every step needs to be tracked and followed up on

I’ll be honest with you…

It’s not always convenient.

There are plenty of times I’m out, busy, or doing something else—but if something contract-related comes in, I respond. Because I know what’s at stake.

This isn’t a “get back to it tomorrow” type of business.