Skip Navigation
StreetEasy Logo

Is Time Of Essence a standard clause in sales contract

Started by Anonymouse
over 18 years ago
Posts: 1
Member since: Aug 2007
Discussion about
I understand this to mean if not closed by a time period specified in the contract then the downpayment is forfeited. My attorney's answer is non-committal in an avoid-litigation manner (i.e some contracts do, some don't). So I just wandered how common this is. I'm a newbie.
Response by realestatejunkie
over 18 years ago
Posts: 259
Member since: Oct 2006

Time of the essence is not a standard clause in a purchase agreement. Be careful if you are buying and this is in the agreement.

Ignored comment. Unhide
Response by zizizi
over 18 years ago
Posts: 371
Member since: Apr 2007

It was on all three purchase agreements I've signed. All of them were sponsor unit purchases though.

Ignored comment. Unhide

Add Your Comment

Most popular

  1. 35 Sutton Place...coming soon
    81 Comments
  2. USB says NYC is one of least bubbly RE markets
    17 Comments
  3. Losses on Manhattan condos
    52 Comments
  4. Mamdani and rent control
    47 Comments
  5. Major appliances
    33 Comments