Contracts
A Virginia real estate contract includes a 'time is of the essence' clause. The closing is set for May 15. On May 15, the seller fails to appear at closing. The buyer may:
AOnly wait and try again
BTreat the seller as in default and pursue remedies including specific performance or return of earnest money✓ Correct
CKeep the property without paying
DOnly seek VREB intervention
Explanation
With 'time is of the essence,' failure to close on the specified date without a valid extension is a default. The non-defaulting buyer may sue for specific performance, damages, or rescission with return of earnest money.
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