When is the deposit due to Escrow?
In the California Residential Purchase agreement, “days” means both calendar days as well as business days.
When you negotiate that you have 3 days to get your deposit to escrow, it means 3 business days; Saturday, Sunday and Holidays don’t count. Escrow and banks are closed so this works out well for all parties involved.
When you negotiate 30 day escrow – it’s 30 calendar days; meaning you do count all calendar days whether it’s a weekend or holiday the clock is still ticking. If however the close of escrow falls on a Saturday, Sunday or Holiday it rolls over to the following business day.
When you negotiate other contractual obligations like a certain number of days to investigate, or get your appraisal or your loan approval (usually 14-21 days) then it’s regular calendar days; don’t skip holidays or weekends.
One aspect of the Home buying process explained.