Contract time periods: counting due dates and deadlines

Contract time periods: counting due dates and deadlines

Line 435 Section F of the FAR/BAR As Is Contract

TIME:  Time is of the essence in this Contract.   Calendar days, based on where the property is located, shall be used in computing time periods. shall be used in computing time periods. Other than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or dates specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall end or occur on a Saturday, Sunday, or a national legal holiday (as defined in  5 U.S.C. 6103 (a) shall extend to the next calendar which is not a  Saturday, Sunday, or a national legal holiday or a day on which a holiday is observed. 

 

What does this mean? Everyday counts, even weekends and holidays, but you can’t end your count on a Weekend or Holiday.

 

Know these basics for EVERY contract:

 

Address:

Contract Effective Date:

Earnest Money Due:

2nd Deposit Due Date: (if applicable)

Loan Application Due:

Inspection Period Ends:

Title Commitment Due:

Appraisal Contingency Dates:  (if applicable)

HOA Application/Approval Dates/Process:  (if applicable)

Loan Approval Due:  (if applicable)

Closing Date:

 


Counting Example:

 

Escrow is due in three days. 

  1. Effective Date is a Wednesday. Escrow Due Date is Monday (unless Monday is a Holiday, then Tuesday ) Why? Wednesday is day 0, Thursday is day 1, Friday is Day 2, Saturday is day 3…but you can’t end on a weekend, so it is extended to the next business day.
  2. Effective Date is a Friday.  Escrow due date is Monday (unless Monday is a Holiday, then Tuesday ). Why? Friday is day 0, Saturday is day 1, Sunday is Day 2, Monday is day 3…Weekends COUNT, but you can’t end on a weekend or a holiday.  In this case day 3 is a business day.

Inspection Period is 10 days:

  1. Effective Date is a Wednesday. Inspection Period ends on a Monday. (unless Monday is a Holiday, then Tuesday) Why? The Wednesday is Day 0….count to 10…..day 10 is Saturday which is a weekend, so is extended to the next business day.
  2. Effective Date is a Friday.  Inspection Period ends on a Monday (unless Monday is a Holiday, then Tuesday). Why? Friday is day 0, count to 10…..day 10 is a Monday. 

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