Legal Question in Real Estate Law in New Jersey

time of the essence letter

IM sending a time of the essence letter to a buyer what are my rights if he dose not respond to the letter.What is the letter suppose to acheive.What are some of my remedies if the buyer breaches the contract. He is already beyond his time according to the conctract to come forth with a mortage. Thanks


Asked on 4/22/04, 8:32 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: time of the essence letter

Without reading the contract, I do not know what it states happens if the buyer does not timely get the commitment. Your rights depend upon the language. Time of the Essence gives the recipient notice that if there is not timely compliance, the rights under the contract will be exercised. If you are not interested in terminating the contract (one of the rights I presume you have), you can hold the buyer responsible for all costs you incur until compliance occurs, including your daily costs for taxes, insurance, etc. I really would need to see the contract language to provide a more specific answer.

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Answered on 4/22/04, 10:31 am


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