A Fathers Choice

Time is of the Essence

If the contract does not have a time is of the essence provision and the party

who is having trouble is making a good-faith effort to close, courts have

allowed the contract to remain viable for a reasonable period of time after the

designated date.

Consequently, buyers and sellers who are considering including a time is of the

essence provision in the purchase contract should consult with their attorney

to be sure they understand its full impact.

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