Will the closing really take place on the closing date?
If you are buying or selling a house, you assume that the closing date stated in the Sales Agreement means the closing actually will occur on that date. That is not always the case. Connecticut courts consistently have concluded that unless the Sales Agreement says “time is of the essence” there is a reasonable period of time after the date specified in the Sales Agreement within which to close. If it is essential for you that the closing occur on the date specified in the Sales Agreement, the Sales Agreement must, at a minimum, say that closing on that date is of the essence.
If we meet with you before the Sales Agreement has been signed and you tell us that time is of the essence, we will assure that the appropriate language is included in the Sales Agreement.