In every real estate contract where the buyer wishes to conduct inspections, the Inspection Period refers to the contractually agreed-upon number of days from the Effective Date (Binding Contract Date) when all inspections must be conducted and written notice must be delivered to the Seller(s) (typically in the form of a Repair Proposal or As-Is Notification).
The Inspection Period Deadline marks the last day of the Inspection Period (and time if the Effective (Binding) Date records a time) where written notice must be provided to the Seller by the Buyer.
Test Your Knowledge: What Date is the Inspection Period Deadline?
Your Real Estate Contract provides the following information:
Offer Date: February 3, 2025 at 8:20pm
Countered Date of Purchase & Sale Agreement: February 4, 2025 at 8:20pm
Bound Date of Counter Agreement: February 5, 2025 at 8:20pm
Inspection Period: 10 days from the Effective Date
Resolution Period: 3 days from delivery of Written List
The Inspection Period Deadline is:
A. February 13, 2025 at 8:20pm
B. February 14, 2025 at 8:20pm
C. February 15, 2025 at 8:20pm
D. February 17, 2025 at 8:20pm
E. February 18, 2025 at 8:20pm
WARNING: ANSWER BELOW!
Answer: E. February 18, 2025.
The Inspection Period is 10 days from the Effective Date of the Counter Agreement on February 5, 2025 at 8:20pm which falls on March 15, 2025, which is a Saturday. Because the Inspection Period falls on a weekend, it is pushed to the next business day which would be February 17th, but is not because this day is a legal holiday, which makes the Inspection Period Deadline Tuesday, March 18, 2024 at 8:20pm.
17.E "Terminology" of the Purchase and Sale Agreement specifies relevant performance dates being pushed to the next business day if such date lands on a Saturday, Sunday, or legal holiday.
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