Contracts
A Washington home buyer has a 5-day due diligence review right before a contingency is effective. If the 5th day falls on a Sunday, the review period ends on:
AThe following Monday✓ Correct
BSaturday
CThe next business day (Monday)
DFriday of that week
Explanation
When a contract deadline falls on a Sunday or legal holiday in Washington, the period typically extends to the following business day (Monday). Parties should confirm the specific calculation method in their agreement.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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