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Elo, Home Buyer in 33027

the 30 day escrow is counted in business days or calendar days?

Asked by Elo, 33027 Fri Jan 13, 2012

I have an executed contract to buy a condo with a financial contingency of 30 days. My question is are these days counted as calendar days or business days?

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9
It is true that in FAR9 all time periods are calculated in business days. In another very popular contract FAR/BAR calendar days are used. It is crutial for you to know what your specific contract states.
1 vote Thank Flag Link Fri Jan 13, 2012
Please check your contract. It will specify if calendar or business days shall be used in computing time periods.
1 vote Thank Flag Link Fri Jan 13, 2012
Elo,
Another thing to keep in mind is that the day on which you begin counting days will determine the day when the time period in question is finished.

The deadlines in a real estate contract are usually tied to the "effective date"--the day when the Buyer and Seller have both completed all signing, dating, and initialing of the offer/counteroffer, and it has become a contract.

If your time for obtaining a mortgage is a 30-day timeframe, then begin counting days the first day AFTER the effective date.

Regardless of the contract used (whether FAR or FAR/BAR), the count must end on a business day, not a holiday, or weekend day. So, if the 30 days end on a Saturday, Sunday, or national holiday, then the next business day becomes the last day of the time period being counted.

In addition, the time period for making mortgage application is part of that 30 day period, so (if you're counting 30 calendar days) you may actually have fewer than 30 days to obtain a mortgage commitment.

You may want to talk to your real estate agent and loan officer to decide if you have allowed sufficient time. Good luck with your purchase.
0 votes Thank Flag Link Fri Sep 28, 2012
Its all depends... on the specific contract used...

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0 votes Thank Flag Link Fri Sep 28, 2012
Yes, your contract will specify if it is "business days" or "calendar days" when computing time periods. Look at the disclosure at the back of your contract. Also if there are any handwritten provisions in the contract, it will supercede the standard contract wording if it conflicts.
0 votes Thank Flag Link Sun Jan 15, 2012
the standard Florida Realtor's contract is meant to be business days; however, if someone wants calendar days, they can insist....that's why if you want work days, you need to clarify on the contract. I usually write work days, on the contract, just to be sure, or I write a drop dead deadline date...that way there's no confusion.
0 votes Thank Flag Link Fri Jan 13, 2012
the standard Florida Realtor's contract is meant to be business days; however, if someone wants calendar days, they can insist....that's why if you want work days, you need to clarify on the contract. I usually write work days, on the contract, just to be sure, or I write a drop dead deadline date...that way there's no confusion.
0 votes Thank Flag Link Fri Jan 13, 2012
In Florida, most realtors use the standard (FAR9) contract. Check out paragraph 11, Miscellaneous. "(b) Time: All time periods will be computed in business days (a “business day” is every calendar day except Saturday, Sunday and national legal holidays). If any deadline falls on a Saturday, Sunday or national legal holiday, performance will be due the next business day. All time periods will e n d a t 5 : 0 0 p .m. l o c a l t ime (me a n i n g i n t h e c o u n t y wh e re t h e P ro p e r t y i s l o c a t e d ) of the appropriate day" You also should reread paragraph 3, to ensure you met the requirements of that paragraph.

And why aren't you asking your buyer's agent this question?
0 votes Thank Flag Link Fri Jan 13, 2012
Normally, Business works in BUSINESS DAYS.
When you write an Offer, you will either write "30 days" or a specific date.
This may still be variable, and subject to an Extension:
The Title Company normally sends the Principles the date of the Escrow Closing.

Good luck and may God bless
0 votes Thank Flag Link Fri Jan 13, 2012
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