Time of the Essence Clause in Purchase and Sale Agreements (Commercial and Residential Real Estate) (NY) | Practical Law
A Standard Clause that provides time is of the essence in a purchase and sale agreement for commercial or residential real property governed by New York law. This Standard Clause requires the purchaser to perform certain obligations by a specific date. This Standard Clause includes integrated notes with important explanations and drafting and negotiating tips for both sellers and purchasers.