When negotiating a contract on a commercial real estate purchase in Texas you will notice that throughout the contract most, if not all of the performance requirements are tied to a certain # of “days”. (e.g. when the feasibility period expires)
TREC and TAR use calendar days not business days which means weekends and holidays are included. On a commercial contract for an improved property in Texas (TAR-1801) a “day” does not officially end until 11:59pm.
A lot of the performance requirements are tied to a certain number of days AFTER the effective date so IT’S IMPORTANT THAT YOU KNOW WHAT THE EFFECTIVE DATE IS. If you miss this by even 1 day it could potentially cost you thousands of dollars in damage.
Legal Disclaimer: The information provided above is only for informational purposes and should not be thought of as legal advice for your commercial contract. This information is also subject to change by TAR & TREC. We always recommend that you call your attorney to review and advise you on your commercial real estate contract as individual situations may differ from situation to situation. If you don’t have an attorney we would be happy to recommend a few to you.