In Florida, inspection periods in a real estate contract are typically negotiated between the buyer and the seller. The duration of the inspection period is agreed upon by both parties and documented in the contract. The calculation of the inspection period involves counting calendar days, including weekends and holidays, unless otherwise specified in the contract.
Here’s a step-by-step guide on calculating inspection periods in a Florida real estate contract:
- Review the real estate contract: Carefully examine the contract to determine if there are any specific provisions or clauses related to the inspection period. Look for sections that mention the duration or specific dates associated with the inspection period.
- Determine the start date: Identify the start date of the inspection period. This is typically the date when the contract is fully executed by both the buyer and the seller. It’s important to note that the start date may vary depending on the terms negotiated between the parties.
- Count the calendar days: Begin counting the calendar days from the start date. Include weekends and holidays unless there are specific provisions in the contract excluding them from the calculation.
- Consider business days: Some contracts may specify business days for the inspection period, excluding weekends and holidays. If the contract stipulates business days, exclude weekends and holidays from the calculation.
- Determine the end date: Add the specified number of days for the inspection period to the start date. This will give you the end date of the inspection period.
- Confirm the deadline: Check if the contract specifies a deadline time for the inspection period. If a specific time is indicated, the buyer typically must provide written notice to the seller regarding any inspection issues before that deadline.
It’s important to consult with a qualified real estate professional or attorney who can guide you through the specifics of your real estate contract. They will ensure that you accurately calculate and adhere to the inspection periods outlined in your particular agreement.
If you need any help with your transaction, don’t forget to call Florida’s Best Title Company, Independent Title anytime!