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Insisting on Time of Essence Closing May Backfire

Making the date specified for a real estate closing "of the essence" is a time honored tool. It is a doctrine that has evolved over time without a concrete set of rules. There are general guidelines to consider when determining whether to assert that timing is an essential component of a real estate contract. Parties must take care to avoid having a time of the essence notice backfire.

January 25, 2008 at 12:00 AM

1 minute read

By Julie Ann Boas and Inshirah Muhammad | Updated on January 25, 2008

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