This sounds like the essence of chicken (for cooking). No, it doesn’t mean that at all and it is actually very serious stuff.

Time of the essence means that time deadline is critical. If you missed the deadline, the vendor can terminate the contract and sue you.

Therefore, it is deadly serious.

The contract of sales of land is full of these times of the essence conditions

So how do I avoid problems and not be in breach of the deadly conditions?

Answer: You must do everything as quickly as you can. Be prepared. Know your deadline and adheres to it.