All real estate contracts contain a standard clause: “Time is of the essence”. This little phrase has a big effect on real estate contracts. It means if the contract calls for one party to do something by a certain date, that date must be met or the other party may terminate the contract. However, it’s important to note that written terms in a contract can be unintentionally nullified by the actions of the parties. For instance, if the parties first agree that something must be done by a certain date and they later extend it, their action implies that time is no longer of the essence. This is a problem, as there can’t be uncertainty about whether dates need to be met or not. Thus, when there are changes to the contract involving dates, we add the phrase “Time remains of the essence”. This reintroduces the stipulation that dates must be met or the contract may be terminated. Do you have real estate questions? Call Us FIRST!
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