A time of the essence clause sets a firm, legally enforceable closing deadline - if the buyer fails to close by that date, they are in default and risk forfeiting their deposit. Use it when you need certainty, such as when you have a 1031 exchange deadline or a purchase contingent on closing proceeds. New York courts require "reasonable" notice, typically 30 days, before the deadline takes effect.
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.
More questions on this topic
List for free, or go full service for 1%.
Use the playbook yourself, or let us run pricing, marketing and negotiation.