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You have agreed to purchase a house or piece of property. You have discussed with the seller the importance of a definite settlement date. Whether the reason is personal or for business, it makes no difference. But if closing is important within a certain time limit, be sure that the phrase, “time is of the essence” is inserted into the sales agreement.
If this key phrase is not included, then either the buyer or seller can delay settlement for a “reasonable” time. What may be reasonable for one party may be unreasonable for the
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