What Does "Time is of the Essence" Encompass in Real Estate Transactions?

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Timing is of paramount of importance in real estate transactions. However, not always, "time is of the essence". In fact, there is no requirement, generally, for parties to contract about the timing of their performances. In most circumstances, if timing is "not of the essence", then the courts infer a "reasonable time" for performance. Nonetheless, in most real estate transactions, at least one party intends to see the project consummated on a particular date not later. Let us explore, to some extent, the practical implementations of "Time is of the Essence".

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Doron Eghbali, Law Advocate Group, LLP | Attorney Advertising

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