Watching the Clock: New Time Rules, Updated Forms

ORLANDO, Fla. —  Whether you’re counting inspection deadlines or need to know what happens if a loan approval period ends on a Saturday, we turn to the contract’s time provision. Knowing how time is calculated and counting it accurately is imperative to the success of any transaction. Let’s look at the recently revised time provisions in the Contract for the Residential Sale and Purchase and the Commercial Contract for the new way to count time. Note: This article does not discuss the FloridaRealtors®/FloridaBar contracts.

Contract for Residential Sale and Purchase (CRSP-17)

The Contract for Residential Sale and Purchase has been revised to calculate time in CALENDAR days. You read that right! The CRSP-17 no longer uses business days for counting time periods. Let’s break down the new Paragraph 11(b) language:

(Note: the numbers are only used to assist in dissecting the full text, they are not included in the contract language.)

1. All time periods will be computed in calendar days.
2. All time periods will end at 11:59:59 p.m. local time (meaning where the Property is located) of the appropriate day.
3. Other than time for acceptance and Effective Date as set forth in Paragraphs 11(a), 22 and 23, whether preprinted, handwritten, typewritten or inserted herein, if any deadline falls on a Saturday, Sunday, or national legal holiday (U.S.C. Sec. 6103(a)), or a day on which a national legal holiday is observed because it fell on a Saturday or Sunday, then performance will be due the next calendar day which is not a Saturday, Sunday, or national legal holiday or a day on which a national legal holiday is observed. 
4. If any deadline is counted from days prior to Closing (i.e. “at least X days prior to Closing”) and it falls on a Saturday, Sunday, national legal holiday, or a day on which a national legal holiday is observed, then performance will be due on the calendar day prior to the Saturday, Sunday, national legal holiday, or a day on which a national legal holiday is observed.

Let’s work through an example as to how to count using this new revised time provision:

Buyer and Seller execute a Contract for Residential Sale and Purchase-17 on Tuesday, April 1st. Parties left Paragraph 6 blank deferring to the “earlier of 10 days after Effective Date” for the Inspection Period duration. In this example, the Inspection Period begins the day “after Effective Date” and counts 10 days straight through, including Saturday and Sunday, which would end on April 11th. Notice it does not skip the Saturday and Sunday like before.

The key takeaway is to watch the timing. Realtors® should talk with their buyers as they consider how much time they will need for inspections and to obtain a loan when submitting an offer. Best practice is to negotiate time periods accordingly before the contract is signed to avoid seeking an extension later.  

Commercial Contract (CC-6)

If you thought calculating time under the bifurcated model in the Commercial Contract was confusing, then you are in luck! There are no more business days for time periods that are less than 5 days. Let’s break down the new provision in Paragraph 3:

1. Calendar days, based on where the Property is located, will be used when computing all time periods.
2. Other than time for acceptance and Effective Date as set forth above, any time periods provided for or dates specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, ending or occurring on a Saturday, Sunday, national legal holiday, or a day on which a national legal holiday is observed will extend to the next calendar day which is not a Saturday, Sunday, national legal holiday, or a day on which a national legal holiday is observed.
3. Time is of the essence in this Contract.

All time periods will now be calculated as calendar days, regardless of duration in Paragraph 3 of the Commercial Contract. Counting will occur in the same way as the example above. Remember to watch your timelines. Especially when there may only be a few short days for parties to perform.

You may be asking,“Why all the changes?” Keep in mind the Contract for Residential Sale and Purchase and Commercial Contract are two of the five sales contracts available from Florida Realtors. These changes bring all of our sales contracts in closer alignment, promoting consistency across the forms. The recently revised sales contracts and all other Florida Realtors’ forms can be found on Form Simplicity.

Heather Rhodes is Associate General Counsel

Note: Advice deemed accurate on date of publication

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