Скачать или смотреть Sneak Peek! 2022 GAR Contract Forms Changes | Defining a "Day" (Example of Measuring Timeframes)

The 2022 Georgia Association of REALTORS® (GAR) Purchase and Sale Agreement (F201) boasts more clarifications than actual changes, one of which defines a "day" and helps consumers understand how timeframes are measured.

Derek Varnadoe is a licensed real estate broker in the state of Georgia and the Vice President of Broker Services at Solid Source Real Estate Companies. He discusses this change to the contract and shares an example of how to measure timeframes.

The Binding Agreement Date, for counting purposes, is day zero (0). For example, if the contract contains a five-day Due Diligence Period (DDP) and the Binding Agreement Date is January 1, the final day of the DDP would be January 6.

Jan. 1 - Day 0
Jan. 2 - Day 1
Jan. 3 - Day 2
Jan. 4 - Day 3
Jan. 5 - Day 4
Jan. 6 - Day 5 (through 11:59PM)

All days are included (weekends and holidays) when counting timeframes unless stipulated otherwise. The only date extended by virtue of falling on a weekend or a holiday is the date of closing.

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Copyright © Solid Source Real Estate Companies. All rights reserved. This material has been prepared for informational and educational purposes only, and is not intended to provide, and should not be relied on for, legal advice. You should consult your own legal counsel, or real estate broker if a real estate licensee, before engaging in any transaction.