It’s 5:00 Somewhere! - Episode 68 (S5 E8)

2022-04-12

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You can watch this episode on YouTube.com: https://youtu.be/_qpaUUzdwMg 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, to...

You can watch this episode on YouTube.com: https://youtu.be/_qpaUUzdwMg

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