When is Time Really "Of the Essence"
WHEN IS TIME REALLY "OF THE ESSENCE" We can probably all agree that time is a precious commodity in short supply during the course of our working day. We change the clock in March of each year to make better use of daylight hours and preserve energy; yet, we complain that this annual event negatively impacts our time to sleep. As real estate professionals we encounter the issue of time when clients tell us they are not ready to sign a contract of sale because the due diligence period is not completed, the buyer has to liquidate funds for the requisite contract deposit, the bank has not issued a loan commitment within the time period required in the contract of sale, the seller cannot close when anticipated because the property she is purchasing has met some unexpected delays or the buyer would rather close at the end of the month so as to not incur additional per diem mortgage interest. No matter what the excuse or the reasoning behind the request of a party for addit