Real estate agents putting together deals this week have an extra challenge: getting the timeline in the Inspection Contingency right.
The convention is for Buyers to do their inspection within five business days of Final Acceptance (when the Purchase Agreement is officially “signed, sealed, and delivered”).
But with July 4 on Saturday this year, that begs the question: is today (July 3) a business day?
How about Monday (July 6)?
Instead of parsing what is and isn’t officially a holiday (Is there mail delivery? Are the banks open?), it’s simpler just to specify a calendar deadline.
P.S.: Minnesota Buyers and Sellers who closed earlier this week got to skip another calculation: prorating property taxes.
That’s because deals that close on June 30 (or December 31) don’t have an adjustment (the two, semi-annual payments cover the first and second halves of the year).
See also, “Pre-Holiday Pluses & Minuses for Home Buyers.”
