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contract expiration dates

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Jpony

Member
What is the name of your state?Florida
At this point this question is for future references.
By statute, is a seller required to extend a real estate purchase contract closing date if the expiration date falls on a weekend or national holiday?? This was not a standard far-bar contract. It was drawn up by the purchaser and he filled in the date which was a national holiday. It was a very simple 1 1/2 page. There was nothing in the contract about extending even due to force majeure. or time is of the essence etc.

One answer I found was that it had to be extended to the next business day but I could not find any Florida statutes that required this.

More details.

I am the seller, the buyer was a wholesaler who swore he had investors etc and was willing to put up earnest money with no contingencies. I missed that the earnest money was being deposited, "anytime before closing" and since we didn't close, oh well. A week before the expiration date, 9/2/2024, he finds a buyer but they needed more time for inspections etc and asked to extend to 9/20/2024. There were other reasons I didn't want to deal with this wholesaler anymore but I was not going to give him more time with inspection contingencies on his contract that could have fallen through. Then his buyer claimed they could close on 9/3, since the 2nd was a holiday, they expected me to extend. I told them no. The issue was not pushed and the deal fell apart. BUT by law, was I obligated to extend?
 
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Zigner

Senior Member, Non-Attorney
I'll trust you when you say: "By statute, is a seller required to extend a real estate purchase contract closing date if the expiration date falls on a weekend or national holiday."
 

quincy

Senior Member
What is the name of your state?Florida
At this point this question is for future references.
By statute, is a seller required to extend a real estate purchase contract closing date if the expiration date falls on a weekend or national holiday. This was not a standard far-bar contract. It was drawn up by the purchaser and he filled in the date which was a national holiday. It was a very simple 1 1/2 page. There was nothing in the contract about extending even due to force majeure. or time is of the essence etc.

One answer I found was that it had to be extended to the next business day but I could not find any Florida statutes that required this.

More details.

I am the seller, the buyer was a wholesaler who swore he had investors etc and was willing to put up earnest money with no contingencies. I missed that the earnest money was being deposited, "anytime before closing" and since we didn't close, oh well. A week before the expiration date, 9/2/2024, he finds a buyer but they needed more time for inspections etc and asked to extend to 9/20/2024. There were other reasons I didn't want to deal with this wholesaler anymore but I was not going to give him more time with inspection contingencies on his contract that could have fallen through. Then his buyer claimed they could close on 9/3, since the 2nd was a holiday, they expected me to extend. I told them no. The issue was not pushed and the deal fell apart. BUT by law, was I obligated to extend?
The Consumer Financial Protection Bureau (CFPB) requires the extension.
 

quincy

Senior Member
When you remarket your property I strongly suggest that you get a professional realtor to handle the transaction for you.

You have demonstrated a significant need for one.
Jpony has been struggling with real estate sales, and the laws that govern them, since at least 2011. It is long past time that s/he turns the process over to a real estate professional.
 

Jpony

Member
I'll trust you when you say: "By statute, is a seller required to extend a real estate purchase contract closing date if the expiration date falls on a weekend or national holiday."
I'll trust you when you say: "By statute, is a seller required to extend a real estate purchase contract closing date if the expiration date falls on a weekend or national holiday."
Actually that was supposed to be a question, I missed putting the question mark on it.
 

Jpony

Member
Jpony has been struggling with real estate sales, and the laws that govern them, since at least 2011. It is long past time that s/he turns the process over to a real estate professional.
I asked 5 questions in 20 years and bought and sold about 30 properties in that time, I don't consider that struggling but thank you for your advice and I will give it the attention it deserves
 

zddoodah

Active Member
By statute, is a seller required to extend a real estate purchase contract closing date if the expiration date falls on a weekend or national holiday?
I'd be absolutely flabbergasted if any state had a law that mandated that. You can search the Florida Statutes online.


One answer I found was that it had to be extended to the next business day
Telling us about things you read without a link - or at least a quote - isn't at all helpful.
 

Jpony

Member
I'd be absolutely flabbergasted if any state had a law that mandated that. You can search the Florida Statutes online.




Telling us about things you read without a link - or at least a quote - isn't at all helpful.
Sorry, this is from a Florida real estate lawyer's website. But he was referencing the standard Florida real estate contracts, which we did not use. They specifically state that there will be an extension if the closing date falls on a weekend or holiday
https://berlinpatten.com/how-to-calculate-time-periods-in-florida-residential-real-estate-contracts/


The same site talked about CFPB law but only in relation to loans and specifically stated that if the cash sale box was checked the built-in extensions were not to be applied.
https://berlinpatten.com/what-has-changed-in-the-new-frbar-contract-forms-released-september-28-2015/

I did spent a lot of time trying to find anything in the Florida Statutes online and came up with a lot of info if I'm a developer or condo or hoa but could find nothing relating to closing dates
 

Zigner

Senior Member, Non-Attorney
In your current situation, it's a no-harm/no-foul matter. In the future, play it safe and take weekends/holidays into account.
 

zddoodah

Active Member
this is from a Florida real estate lawyer's website. But he was referencing the standard Florida real estate contracts, which we did not use. They specifically state that there will be an extension if the closing date falls on a weekend or holiday
As I think you understand, a term in a standard form contract that wasn't in the contract you had is of no relevance.
 
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quincy

Senior Member
I asked 5 questions in 20 years and bought and sold about 30 properties in that time, I don't consider that struggling but thank you for your advice and I will give it the attention it deserves
Sorry. You are correct so I apologize.
 

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