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Beat the Clock: When Time is of the Essence
Beat the Clock: When Time is of the Essence
Unless specified otherwise, time is NOT of the essence in real estate contracts. But what does it mean when it is?
The Free Dictionary says "A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party. Failure to act within the time required constitutes a breach of the contract." And "the specified time and dates in this agreement are vital and thus, mandatory, and 'we mean it.' Therefore, any delay, reasonable or not, slight or not, will be grounds for cancelling the agreement."
In Texas, one of the "time is of the essence" performance requirements is in the Termination Option paragraph. The promulgated 1-4 family residential resale contract form even has these words in bold: "Time is of the essence for this paragraph and strict compliance with this time for performance  is required." In other words, we really, really  mean it!
Recently, the agent on the other side of a transaction wanted the option period to end on a particular day at 5:00 PM. Usually, the field he was ... more

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