If you properly issued a time of the essence notice with reasonable advance notice and the buyer fails to close by the specified date without legal justification, you generally have the right to declare the buyer in default and retain the contract deposit as liquidated damages. However, this must be done correctly - improper notice or unreasonable timelines can invalidate the TOE and expose you to litigation. Work with your attorney on every step.
From the seller playbook: Time of the Essence Clauses - Seller Strategy for Closing Deadline Enforcement
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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