Time Is Of The Essence Clause?
i have heard a number of people talk about putting this clause into all there contracts, i vagely remember what it means. does it mean that if they dont close in the aloted time frame then you keep there deposit no matter what or something like that? thanks
Jeb,
TIME IS OF THE ESSENCE
A standard statement in a contract which ensures that all dates and times of day noted in the contract are important and cannot be ignored by any of the parties without the consent of the others except in breach of the contract.
To keep the deposit you would have to stipulate that the deposit is non refundable if the time frame is not adhered to in the contract. Also check your state specific laws to see that you can keep the deposit.
John $Cash$ Locke
[addsig]