Howdy. Let’s talk about real to a business, how do days come when we have national holidays observed on different times and we have weekends in between and now we have option in earnest and we have to put money down on it? You have some really good questions, kind of talk about this real luxury real estate broker Shana. You do things like this all the time.
Yes. And these are very common that happen every day in our business. But sometimes we second guess ourselves. So the beginning of TNT, I ask the question. I kind of gave a scenario and the scenario was Mike executed a contract on Friday with a three day option period. OK, so Friday, Sunday was the fourth, but it was observed on Monday. So title companies were closed. Everybody was closed. OK, so what happens? He could not have delivered his earnest money in option money to the title company.
So what happens could have technically delivered on Saturday in the afternoon or Friday in the afternoon. Could have. Right. If you’re late, you wait till the last minute and then you’re like, oh, now what? What happens? I can’t deliver it. OK, so I’m going to have Omkar put over the contract. I asked you guys a question and wanted you guys to chat in and some of you have. Good.
So we want to know what happens with your earnest option money and when is your option period really end. OK, so Omkar, if you could scroll down. Please. Go right there. So here’s the answer, folks. If the last day to deliver the earnest money option fee or additional earnest money falls on a Saturday, Sunday or legal holiday, the time to deliver the earnest money option fee, additional earnest money is extended until the end of the next day.
That is not a Saturday, Sunday or legal holiday.
While they are to answer the question. All you had to do is read
The contract states and wow, OK, so you have that option to extend to deliver. It says deliver deliver only. So does that mean that I have an extra day of options so I might cancel? I think I’m going to cancel now? Mm. No, the answer is no. Your performance date sticks with what is stated in the contract. The only thing that gets extended is the delivery of your earnest and option money to the title company.
So your contract ninja.
Just so you know that it doesn’t mean, well, they didn’t deliver it on this date and so they don’t have an option, period. No, that’s not true. They have until the next day that they’re open to do that. So, you know, this happens all the time now that we’re seeing these short option periods that people will execute on a Thursday or Friday, maybe with one or two day option and it falls on a Saturday or Sunday, it’s the same thing.
So weekend, Saturday, Sunday or any holiday that’s observed, you can get extended to the following day that they are open. So that’s a want to make sure that you guys are aware of that and I’m sure you are. But just in case.
Well, it was really nice of you to highlight that out there. So it’s amazing if you just read the contract. It is what it actually it really is simple in the contract, but it is funny that someone will kind of question you like, no, we have one more day of our option and all of a sudden you start to second guess if you ever second guess, go back and read the contract, because it’s pretty clear.
Most of the time, I feel super good about having you sit next to me because you have all those answers. It’s amazing. And those are the types of questions that can get answered on your one on ones with China each week. We have those at 11 o’clock. I have to do is reserve them in advance and tell Shana that I need some time.
It is best to reserve those and then answer those on Wednesdays at 11, which Shana and or myself, if things come up, if you need any additional business. We talked about that the other day. Come see me on Wednesday. Just let me know when you’re ready.
Just let us know how you’re doing and talk through anything. Whatever the scenarios you don’t understand. We want to be here for you. We want to talk through what you do, feel good and comfortable, meet all of your goals and, you know, be very successful.