Once you’re in contract to buy a Silicon Valley house or condo, you’ll want to understand the time frames. Both the CAR and PRDS purchase contracts reference the number of days from contract acceptance (when buyers and sellers come to terms, whether that means the offer was accepted or the 5th counter offer’s accepted). Is it regular or calendar days, or is it business days?
Only one item uses “business days”, and that’s the initial deposit. Every other part of the purchase agreement – for both forms – uses regular or calendar days.
One other nuance to factor in regarding the days in the contract revolves around contingency time frames. When a contingency is due to be removed and the date falls on a holiday or weekend, it does move forward to the next business day in the CAR contract, which is what most Silicon Valley homes are using.
As a best practice, once in contract, it’s good to plot out all of the days on the calendar and make sure that both buyers and sellers (and their Realtors) are all in agreement as to what is supposed to happen when.
Related reaading:
What Is A Default in a Real Estate Transaction or Contract?
