When does the day end per the REPC? Does it end at midnight? No, it ends at five o’clock. Right? We know that you have to accept, an offer by five o’clock on the deadline. But why five o’clock? It’s because the contract says so. So in contracts we can actually dictate when a day ends. Bless America. We can do that in a contract.
So section 21 of the REPC, the Time is of the Essence Clause. It says, “unless stated otherwise, all deadlines pertaining to this REPC are, at five o’clock.” So, all of them. But what about addenda? So you get, say The Time Clause Addendum. In there, if buyer gets notice from seller, the seller has received another offer, buyer has you fill in, let’s say, three days to release the contingencies specified in the time clause addendum. So three days, well, how do we count those three days? When does that third day end? Well, first of all, you always start with the day after the notice is given, right? So in this case, let’s say Tuesday, notice is sent over buyer receives it on Tuesday. Buyer’s three days per the addendum. When does that first day start? Well, it starts the next day. So Wednesday, Thursday, Friday. But what time on Friday? When does the day end on Friday? Five o’clock. Right? Not midnight. Five o’clock why? Because, how an addendum functions is that it is part of the contract. It’s part of the REPC. So, all those terms contained in the REPC, like the Time is of the Essence Clause, apply to any addenda because really you’re just amending, changing, adding, deleting, terms through addenda.
But they don’t have a life of their own outside of the REPC, that part of the REPC, so those terms still apply. So five o’clock, unless there’s the rare circumstance where it’s specified a specific time, that has to be honored, then it’s gonna be five o’clock. Anytime you referenced a deadline on a day, it will be five o’clock that day. Hopefully that helps. If you like these articles, check out our videos covering them on YouTube or my Facebook page. And if you have any comments, you have any cool topics you want us to cover, please throw us a comment. And remember, this is not legal advice. This is legal information only. If you need specific legal advice, contact your attorney. Thanks for reading.