Time is of the Essence
This simply means that there are specific time frames identified in the purchase contract that must be strictly adhered to. In an Arizona contract, any reference to “days” refers to calendar days and not business days. Weekends and holidays are included! Some of these time-sensitive items are:
Escrow will be opened at the escrow or title company and earnest money check you included with your offer will be deposited – typically within one business day from contract acceptance.
Buyer will give money to the mortgage lender for ordering the home appraisal.
Homeowners association (HOA) documents will be delivered to the title company and the buyer for review.
A seller’s property disclosure statement (SPDS) will be delivered to the buyer within 5 days of contract acceptance.
Insurance claims history (CLUE Report) will delivered to buyer within 5 days of contract acceptance.