Contracts
The phrase 'time is of the essence' in a New Mexico real estate contract is most likely to have significant consequences when:
AThe buyer wants to negotiate repairs after closing
BA party misses a deadline for a contingency removal or closing✓ Correct
CThe seller wants to relist the property
DThe appraiser is delayed
Explanation
When a contract contains a 'time is of the essence' provision, failure to meet a specified deadline (contingency removal, closing date) may constitute a material breach, potentially allowing the other party to declare the contract void.
Related New Mexico Contracts Questions
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