“Time is of the essence” in a contract means that parties to the contract must strictly comply with all deadlines and performing late is a breach of contract.
In Florida, courts generally assume that time is not of the essence unless there is a “time is of the essence” provision in the contract. If “time is of the essence” is not included in a Florida real estate contract, then the deadlines will need to occur within a reasonable time from the date identified in the contract depending on the circumstances.
Depending on the circumstances, if time is of the essence and a party misses a deadline, then the other party can stop performing and sue for breach of contract or anticipatory breach.