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Old 09-19-2009, 07:56 AM
 
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I'm curious when a deadline, as defined in a contract actually expires. Let say, for arguments sake, a buyer has to have their financial approval "within 20 days after the contract is signed."

So, the contract is signed on March 1st at 10:00 am. That would mean their deadline is up at 10:00 am on March 21st correct?

BUT, what if they submitted their financial approval at 10:00 pm on the 21st? This would mean 20 days and 12 hours, so they are outside the contract correct?

And what happens in this case, if the seller decides he won't go on?

One would think a deadline is a deadline?
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Old 09-19-2009, 08:15 AM
 
Location: East Tennessee
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It depends on your contract and the standards defined. Generally here, any time period less than 7 days is counted as business days and any time period over 7 days is counted as calendar days. The first day counted is the business day following when the last person signed the contract or when the contract was fully executed. Does this make any sense?
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Old 09-19-2009, 08:18 AM
 
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Quote:
Originally Posted by TampaKaren View Post
It depends on your contract and the standards defined. Generally here, anything less than 7 days is counted as business days and anything over 7 days is counted as calendar days. And legal holidays and weekend days do not count.
?? The contracts do not state stipulate "business days" it just states within 20 days. I would think this means any and all days?
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Old 09-19-2009, 08:23 AM
 
Location: East Tennessee
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I find that hard to accept. Time is of the essence in a contract. The standards should be defined somewhere and not necessarily in the paragraph in question.

P.S. I edited my original response. It should have read that in calculating business days, weekends and legal holidays are not counted.
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Old 09-19-2009, 08:24 AM
 
Location: Cary, NC
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Quote:
Originally Posted by TampaKaren View Post
I find that hard to accept. Time is of the essence in a contract. The standards should be defined somewhere and not necessarily in the paragraph in question.
Karen,
In North Caroliina, Time is of the essence when the contract states that time is of the essence.
Many dates are approximations.
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Old 09-19-2009, 08:29 AM
 
Location: East Tennessee
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Quote:
Originally Posted by MikeJaquish View Post
Karen,
In North Caroliina, Time is of the essence when the contract states that time is of the essence.
Many dates are approximations.
In my OP, I stated it depends on defined standards. I'm having one of those days when it's difficult to say what I mean. I'm going back to bed.
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Old 09-19-2009, 08:34 AM
 
Location: Just south of Denver since 1989
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Our contract spell out days, and what happens if a deadline falls on a weekend or a holiday - it also spells out that all dates and time are mountain.

As far as the OP situation, I would think 1. as long as the financing contingency was removed on the day of the deadline, it's gone, the contract continues - the contract says days, not hours. 2. What mtg company works at 10 pm?

Last edited by 2bindenver; 09-19-2009 at 08:45 AM..
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Old 09-19-2009, 08:42 AM
 
Location: Hernando County, FL
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It would be a little tough to prove in all instances what time a contract was executed.

If you went to court with this and tried to say it was not signed by 10 am they would most likely throw it out unless it was written into the contract "by September 19, 2009 at 1o am est".

Are you trying to back out because you got a higher offer?
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Old 09-19-2009, 08:46 AM
 
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Quote:
Originally Posted by Mike Peterson View Post
It would be a little tough to prove in all instances what time a contract was executed.

If you went to court with this and tried to say it was not signed by 10 am they would most likely throw it out unless it was written into the contract "by September 19, 2009 at 1o am est".

Are you trying to back out because you got a higher offer?
No, not selling anything, just curious how this works. There seems to be too many vague descriptions in the legal aspect of real estate contracts.

To me, as a lay person, 20 days, means 20 days and on the hour of the 20th day, it's time up. This should be simple and easily answered, but nothing ever is, right? We have to keep the lawyers well fed!
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Old 09-19-2009, 12:57 PM
 
Location: Tempe, Arizona
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As others said, the definition of time periods should be in the contract and not left as a vague concept. In the AZ contract, all days are calender days, including weekends. Counting starts the day after contract is signed until 11:59pm of the last day. We only note the day of contract signing, not the specific time. Nothing vague about it, and no reason to consult a lawyer to figure it out.
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