Do you know how to count contract days?
11/05/2014 | Author: Editorial Staff
The effective date for my buyer client’s One to Four Family Residential Contract (Resale) is Saturday, Nov. 22. Do I include the weekend when counting days for things like my client’s 10-day option period? How about Thanksgiving, which is next week?
Yes, you count weekends and holidays. TREC and TAR contracts use calendar days, not business days.
Because the period in the Termination Option Paragraph follows the word “within,” you can determine the last day for performance by starting with the day after the effective date as Day One and counting the number of days specified.
Using your client’s termination option as an example, he has until 11:59 p.m. on Nov. 25 to pay the option fee, and if paid, the option period will end at 11:59 p.m. on Dec. 2. If the option fee is not paid by 11:59 p.m. on Nov. 25, the client forfeits the option period and Paragraph 23 of the contract is no longer included in the contract.
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