In Ontario real estate transactions, the clause “time is of the essence” means every date set out in the agreement is critical and must be met. Missing a completion date—no matter the reason—can put you in breach of contract. If you’re the buyer, this could mean forfeiting your deposit. The seller, in turn, may have the right to walk away and pursue damages. That’s why it’s vital to choose a closing date that you can commit to without hesitation.

Whitby real estate lawyer Jason Lane explains what’s at stake if you can’t meet the agreed timeline, how it affects your legal obligations, and why immediate legal advice is essential if you suspect a delay. Whether you’re in the process of buying or selling property, understanding this clause helps avoid costly consequences and protects your position in the transaction.

For legal support with real estate purchases, contact Jason Lane at jason@durhamlawyer.ca or 289-220-3241.