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.

The contract of sale usually provides for the apportionment and adjustment of rents, insurance and interest at the time of the delivery of the deed.

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.