what is a business day new update

 what is a business day

what is a business day

 This article is what our business days so I'm gonna take a brief moment to tell you exactly what our contract says that a business day is and why it's important for you as a buyer or a seller to know what that means here's what our residential contract States has the definition of a business day a single business day is defined as a 24-hour period beginning at 8:00 a.m. of any weekday 

Monday through Friday business day may not begin or end on a Saturday Sunday or a federal legal holiday so why is this important for you or as a buyer or seller to note several paragraphs within the contract rely on a certain number of business days to tell us what length of time we have to get things done now I'm not gonna go over every 24 00:01:02,250 --> 00:01:06,450 paragraph since.

I will get inter specifics and other videos but I will give you a brief example so you can see what I mean let's take the paragraph that talks about applying for financing the contract states if lender financing is being used the buyer will have five business days from the date of contract acceptance to apply for financing from the lender of their choice should the buyer fail to apply for a loan within five business days the buyer will be in default of this contract and the seller will have the option of voiding this contract with the earnest money being released to the seller.



 so if you're a buyer getting a loan and you don't apply for financing within the allotted amount of time you could lose your earnest money all right so let's take an example real quick so if we were to get a contract accepted on a Tuesday at 2:00 p.m. provided that the following Wednesday Thursday Friday and the Monday and Tuesday of the following week are not federal legal holidays.

 Then the first business day would start at 8:00 a.m. on the Wednesday and the final business day would technically and on the following Wednesday morning at 7:59 a.m. I hope this helps you guys understand what a business day is and why it's important to know as always

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