How to Count Contingency Days For Real Estate Contracts?

How to Count Contingency Days For Real Estate Contracts?

**EFFECTIVE July 3, 2017 - the contingency deadline that GCAAR contracts expire is 6pm EST (not 9pm) MAR's contingency deadline is still 11:59pm EST.**

In this video Deirdre P Brown explains how to count contingency days using the GCAAR or MAR Sales Contracts.

TRANSCRIPT

Hello this is Deirdre Brown your settlement agent serving Maryland, DC and Virginia. Today I'm going to talk to you about how do you count contingency days.

I get this question a lot. So you have written in the contract five days for home inspection contingency. How many days is that? Is that calendar days or business days? When do you start to count?

This is how it works.  If you wrote in five days and let's say today is the ratification date then tomorrow will be day 1 , 2, 3, 4, 5 , and on the fifth day if you are using the GCAAR Sales Contract you are give until to 9 p.m. on that day to give  the home inspection notice. If you are using the MAR sales contract you have until 11:59 p.m. on the fifth day to give the home inspection notice.  So the contingency count  always start the day after ratification.

If you have additional questions you can reach out to me at closewithdee.com

**EFFECTIVE July 3, 2017 - the contingency deadline that GCAAR contracts expire is 6pm EST (not 9pm) MAR's contingency deadline is still 11:59pm EST.**

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