Time is of the essence is one of the three phrases I learned in real estate school in 1989 along with location, location, location, and SF is MOL.

The closing date is usually on or before the date, not after it. It is the agents duty to watch dates and work with the buyer and seller to make sure they meet that date. Of a curse an extension can be had if agreeable, but it is not optimal, 

The closing date is the closing date. If it is to be other than what was agreed to, an addendum needs to be signed by both parties. If the buyer fails to perform by the closing date, the seller can sell to someone else. 

They all close on schedule.

Regardless of what a contract says about a closing date, it can always be renegotiated if buyer and seller agree. My transactions close on time 99% of the time.

We set a closing date depending on clients needs and their lenders capability.  A date we all agree upon and usually doesn't change.

The answer is here: (anonymous) ahhhh that's a shame, it must be a bashful answer.

It is a contractual date and to be taken very seriously. We usually close no later than this date.

It is a targeted day since so many people work on the deal and our principals expect it to be closed as agreed upon. Sometimes delays happen,  in my experience, it is usually some kind of funding delays. 

The closing date on our sales contract is "time is of the essence" -- however we often are able to close a few days earlier.  If we close later, an amendment must be written to keep all dates and times in sync.

So often nowadays it is a target date.  Lenders just don't seem to care what the closing date is.  COE extension addendums seem to be the norm these days.

It's the contract date and any change needs to be signed by both parties. That said I have not had parties not agree and typically it's only been a day or due, usually due to lender issues. In the last 3 years I have only had a handful of closings after the contract date and a number of them were early, including less than 30 days

In my state, they are an estimated target date (unfortunately). I wish NY State was more stringent about those closing dates.

No guestimates in real estate, unless it's a development or large commercial venture.

Extensions due to repairs, lender delays, etc. are rare.

45ish & 3 days tops. Sometimes the coop broker takes longer.

Our contract stipulates that "Time is of the essence" and the closing date must be "on or before."  Later requires agreement by all parties and buyer is in breech of contract if it doesn't close on time.  States and contracts differ, so take a look at your specific contract and consult an attorney with any contractual questions.  -Kasey

We have a Time is of the Essence paragraph in our contract spelling out when to use calendar days vs business days. 

Many of the contracts I've seen state "on or before" the closing date. If it's going to be past the closing date, we would need an addendum signed by all parties extending the closing date.

There is this really really cool new thing to answer fact type questions... Have you heard of Google?

Depends on which box you check, and if you enforce the clause.

It is 'Time is of essence' for sure.

Without the principals extending the close date, it is the close date.

This can be asked by a person not anon.  reporting.

Time is always of the essence when dates are specified.  Rarely do my transactions take longer than planned. Experience pays.

It depends on the circumstances; usually on time.

Follow the terms of your contract. 

much follow up is needed to close on time

Door #1

It is not a part of our contract.

Usually it is the date but then it depends on the loan type, VA's might be longer, USDA's are ify, etc.

Time is of the essence means to  tend to all aspects of  the transaction ASAP. 

Time is always of the essence in our contracts.  99% of the time we close on the date specified in the contract. 

"Time is of the essence" Always. And if we need an extension of contract an addendum signed by both parties is required.

Time is of the essence in my jurisdiction.

If it was to be an exact drop dead date, we would all be in litigation...

We are a "Time is of the essence" contract date. This is why it is important to meet the contractural dates. If extensions are not prepared prior to the contract date, the contract could be a breach of contract.