Escrow & Title
In Pennsylvania, the phrase 'time of essence' when applied to a closing means the parties:
AMust close within 24 hours of the agreed date
BAre strictly bound to close on the agreed date — missing it is a material breach✓ Correct
CHave 30 days grace after the agreed closing date
DMay close any time within the calendar year
Explanation
When time is of the essence applies to the closing date in a Pennsylvania real estate contract, the closing must occur on or before the specified date. Missing the closing date without extension is a material breach, potentially allowing the non-breaching party to declare the contract in default and seek remedies.
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