Time is of the essence of the Contract. This means that you must perform all your obligations under the Contract strictly by the due date.
For example, you must be ready and able to settle on the Settlement Date, otherwise the Seller may either terminate the Contract and may be able to claim damages from you and/or the payment of default interest.
If the Buyer or Seller doesn’t do things when they are due, it might allow the other party to claim against them. In the case of a Buyer, they might lose their deposit.
Both Buyers and Sellers should always take time limits under the Contract seriously.