Time is of the essence - What does this mean?

What is the meaning of the term “time is of the essence” in reference to buying and selling property?

In Queensland, Australia, the term “time is of the essence” means any deadlines set in a Residential Contract of Sale, such as the Settlement Date, must be strictly adhered to. Failure to meet these deadlines can result in penalties or the termination of the Contract of Sale.

As a result, property buyers and sellers in Queensland must ensure all necessary paperwork and legal requirements are met on time to avoid any issues. If you're involved in property conveyancing in Queensland, make sure you keep a close eye on the clock to ensure a smooth and timely transaction.

Thank you to Rebecca Petroff from Sunstate Conveyancing for sharing this fantastic tip with us.