On a Residential Purchase Agreement, does the 17 day period to get a loan mean 17 business days ?

Asked by Marilyn, California Tue Apr 12, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
John Juarez, Agent, Fremont, CA
Tue Apr 12, 2011
As used in the standard CAR contact most widely used in California, the day of acceptance of the contact is day zero and the next day is day one. Days are calendar days unless otherwise specified. Your contact may have been modified so I am only putting forth the standard and not what you might have. Your agent should be your guide in answering this and many other questions for you.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Apr 12, 2011
Marilyn,

You bring up a great question. As answered below, the time period almost without exception is calendar days. HOWEVER, in terms of getting a loan, realize that your lender may have as few as 11 business days to get you the approval you need. Be sure to discuss this with your Realtor and lender before moving forward.

If you have any questions or if I can be of service in any way, don't hesitate to get in touch.

Can do, will do,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
, ,
Tue Apr 12, 2011
I've only ever seen calendar days used. You should confirm with your agent as they can refer specifically to your contract, nobody on this forum has the ability to do that.
0 votes
CJ Brasiel, Agent, San Jose, CA
Tue Apr 12, 2011
Marilyn -

It would be 17 calendar days.

CJ
Web Reference:  http://www.TalkToCJ.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more