Which forms state that "time is of the essence"?

The phrase "time is of the essence" is crucial in real estate contracts as it emphasizes the importance of adhering to timelines and deadlines specified within those legal documents. In the context of the choices provided, both the short sale addendum, which often involves specific deadlines for lender approvals and property closings, and the Texas lease agreement, where timely payments and occupancy are essential, contain this phrase to underline that contractual obligations must be fulfilled within the agreed time frames.

Similarly, third-party financing agreements also incorporate "time is of the essence," particularly concerning the financing process and deadlines for obtaining funds, which can significantly affect whether a transaction closes successfully. The 1-4 family resale contract, which deals with residential properties, also stresses the importance of meeting deadlines to ensure a smooth transaction process.

The presence of "time is of the essence" in these contracts helps clarify that failure to meet specified time obligations can lead to breaches of contract, potentially resulting in financial loss or other legal consequences. Thus, the correct answer reflects the inclusion of this important phrase in both sets of documents listed.