Time of the Essence in Real Estate Purchase Agreements | Practical Law
This Practice Note discusses time of the essence in real estate agreements of purchase and sale. It reviews the consequences of time being of the essence, discusses when it applies to an agreement, whether it has been waived and when a party cannot rely on it because of that party's conduct. This Practice Note focuses on the law in Ontario but may be applicable in other common law provinces and territories in Canada with modifications, based on local statutes and case law.