Time of the Essence Notice (Pro-Purchaser) (NY) | Practical Law
A notice delivered by a purchaser to a seller declaring that time is of the essence regarding the seller's obligation to close the transaction by a certain date under a purchase and sale agreement governed by New York law. This notice informs the seller that failure to perform by that certain date is deemed a breach of the purchase and sale agreement. This Standard Document has integrated notes with important explanations and drafting tips.