This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
The time when the contract is to be closed is a matter of importance. In actions at law, time is usually considered to be of the essence of a contract, but in actions in equity, a contrary rule prevails. Where it is the desire of the parties, that time should be of the essence of the contract, it is preferable to specify this in the contract.
A few general observations may be added in closing. The seller should specify in the contract anything, which, if omitted, would give the purchaser a right to reject the title. The seller should see that the person called upon to assume liability, is a person of responsibility, as for example, where the purchaser is to assume a mortgage, which had been executed by the seller, or to assume the liability of the seller under any outstanding agreement.