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Time Is Of The Essence |
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Where does the phrase "time is of the essence" come up? Is it in a listing, a deed or a contract? |
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"Time is of the essence" stated in a contract means that both parties must meet specific deadlines or the whole contract will become void. "Show up on the exact date with the purchase price, we'll be there with the deed, and if you're not there, forget the whole thing." It's sometimes called a "drop-dead" date.
If it's not included in a real estate sales contract, and the target date for closing comes and goes, the contract remains in effect. If either buyer or seller wanted to make time of the essence, that can be done later--"Enough fooling around, put up or drop out."
The phrase is powerful legal ammunition, and can backfire. It should only be used under the guidance of an attorney. |
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Edith
Originally published on October 10, 2007 |
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