Florida Real Estate Contract Calendar Days Vs Business Days
Introduction
When you are buying or selling a property in Florida, you will come across the terms "calendar days" and "business days" in the real estate contract. These terms may seem similar but they have different meanings and can have a significant impact on your transaction. In this article, we will explain the difference between calendar days and business days in Florida real estate contracts.
Calendar Days
Calendar days refer to all days of the week, including weekends and holidays. For example, if a real estate contract specifies that the buyer has 10 calendar days to perform an inspection, this means that the buyer has 10 consecutive days, including weekends and holidays, to complete the inspection. If the 10th day falls on a weekend or holiday, the deadline is extended to the next business day.
Business Days
Business days, on the other hand, refer to weekdays only, excluding weekends and holidays. For example, if a real estate contract specifies that the buyer has 10 business days to perform an inspection, this means that the buyer has 10 consecutive weekdays, excluding weekends and holidays, to complete the inspection. If the 10th day falls on a weekend or holiday, the deadline is not extended and the buyer must complete the inspection by the preceding business day.
Why the Difference Matters
The difference between calendar days and business days is important because it can affect the timing of important events in a real estate transaction. For example, if a buyer has 10 calendar days to perform an inspection and the 10th day falls on a holiday, the buyer may have an extra day to complete the inspection. However, if the contract specifies 10 business days, the buyer must complete the inspection by the preceding business day, even if it falls on a holiday.
Other Examples
Here are some other examples of how the difference between calendar days and business days can affect a real estate transaction:
- If a seller has 3 calendar days to respond to an offer, the deadline includes weekends and holidays. If the seller receives the offer on a Friday, the deadline would be on Monday.
- If a seller has 3 business days to respond to an offer, the deadline excludes weekends and holidays. If the seller receives the offer on a Friday, the deadline would be on Wednesday.
- If a buyer has 30 calendar days to close on a property, the deadline includes weekends and holidays. If the closing falls on a holiday, the deadline would be extended to the next business day.
- If a buyer has 30 business days to close on a property, the deadline excludes weekends and holidays. If the closing falls on a holiday, the deadline would not be extended and the buyer must close by the preceding business day.
Conclusion
When you are involved in a real estate transaction in Florida, it is important to understand the difference between calendar days and business days in the real estate contract. Make sure you read the contract carefully and clarify any questions with your real estate agent or attorney. By understanding these terms, you can ensure that you meet all deadlines and avoid any unnecessary complications in your transaction.