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Time of the Essence Adequately Stated​

In holding that an attorney’s letter sufficiently stated “time of the essence,” the First Department wrote:

“A party need not state specifically that time is of the essence, as long as the notice specifies a time on which to close and warns that failure to close on that date will result in default”… . [The attorney’s] February 11, 2009 letter warned, “[I]n the event you do not close, I shall release the escrow funds to [the seller].” Such language informs a buyer that he risks default by not appearing at the closing… . Accordingly, because this was a time-of-the-essence closing, plaintiffs defaulted by failing to appear, and defendant … was entitled to keep the down payment … .  Westreich v Bosler, 2013 NY Slip Op 03604, 1st  Dept, 5-21-13

 

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