Jul 7, 2014

Counting days in your Dallas real estate contract

In a standard Dallas real estate contract, there are clear cut deadlines for buyers, sellers and the title company. Certain functions must be done like securing financing, completing a title search, performing inspections, etc.

If your contract is executed (finalized with all signatures from all parties) on June 1st, the contract will not state deadlines as June 5th, June 10th, June 15th, etc. It will state deadlines with items due on day 4, day 10, day 14, etc.

So how do you properly count the days so that you don't miss a deadline or default on the contract?
These are the important points to note:

* Texas contracts count calendar days. They include weekends and all holidays.

* The days for performance start when the contract is executed. If you execute today, then tomorrow is day 1.

* Deadlines are typically within a stated number of days - not after a number of days. For example - you have 3 days to perform a function of the contract and you execute the contract on Monday. Tuesday is day 1 and Thursday is day 3. The deadline for performance is at the end of day on Thursday. If you do it Friday, you missed the deadline.

* Some deadlines are firmer than others. If "time is of the essence" and the contract says 10 days, it doesn't mean 11 days. Miss a hard deadline and it may cost you dearly. A professional Realtor knows which deadlines are most important (though I consider them all important).

When you need help with buying or selling your home and need an agent who will keep you on track with deadlines, give me a call.
[where: 75230]

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