What is the test for declaring a declaration of time as of the essence in a real estate transaction?
British Columbia, Canada
The following excerpt is from King v. Odar, 2008 BCSC 326 (CanLII):
The defendant opposes any such declaration. She relies upon a principle of law stated in King v. Urban & Country Transport Ltd.:[3] ... when both parties let the time go by, and one of the parties wishes to reinstate time as of the essence, it is necessary to serve a notice upon the other party, fixing a new date for closing, which must be reasonable, and stating that time is to be of the essence with respect to the new date.
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