Time Is of the Essence – Why Contract Deadlines Matter

No real estate agent wants to lose a deal once the buyer and seller have shaken hands. But there are a few critical things that, if not done in a timely manner, can cause the deal to fall through even after the contract has been signed.

Director of GM Law, Gerard Pagliaro shares his thoughts on this matter:

1. Send the Fully Signed Contract to the Buyer’s Solicitor Without Delay

Once the contract is fully signed, a copy should be sent to the buyer’s solicitor as soon as possible. Delays can cause issues with finance approval, prevent timely advice during the cooling-off period, or affect other conditions’ deadlines. Prompt delivery ensures the buyer has time to consider their rights and obligations under the contract.

2. Deliver the Signed Contract to All Parties Without Delay

The contract date — the date both buyer and seller have signed — is the trigger for all contract conditions (finance, building and pest, settlement). Any delay in circulating the fully signed contract can create confusion or disputes about when conditions are due and may inadvertently give rise to termination of rights.

3. Monitor Finance Approval Dates Closely

The buyer must notify the seller by 5pm on the finance due date whether finance has been obtained. If no notice is given, the seller may have the right to terminate. Agents should keep in close contact with the buyer and their broker to ensure the right notice (approval, extension request, or termination) is given before the deadline.

4. Track the Building and Pest Inspection Deadline

This condition must also be satisfied (or waived) by notice to the seller by the due date. If no notice is given, the seller may terminate. Remind the buyer to arrange inspections early and liaise with solicitors to ensure written notice is sent before the deadline.

5. Ensure Deposit Is Paid on Time

The contract will specify when the deposit is due — often within 1–2 business days. If the deposit isn’t paid by the deadline, the seller may terminate immediately. Agents should check that payment has been made and that a receipt is issued, especially if holding the deposit in their own trust account.

Conclusion

Timeliness is key to keeping contracts on track. A missed deadline or simple oversight can cause a sale to collapse. By staying proactive, well-organised, and communicating clearly with all parties, agents can protect their clients and keep deals moving smoothly to settlement.