FROM THE CONTRACT:
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, or additional earnest money, as applicable, is extended until the end of the next day that is not a Saturday, Sunday, or Legal Holiday.
The contract defines “Legal Holiday” as a legal holiday described in Sections 662.003(a) & 662.003(b)(4) & (6) of the Texas Government Code.
IMPORTANT TIPS:
- – Earnest money, option fee, & additional earnest money are not required to be delivered on a Saturday, Sunday, or Legal Holiday. However, Saturdays, Sundays, & Legal Holidays are still counted when calculating the delivery deadline. If the final day falls on a Saturday, Sunday, or Legal Holiday, the deadline extends to the next
day that is not a Saturday, Sunday, or Legal Holiday. - TREC recently added a formal definition of “Legal Holiday” to include New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Veterans Day, Thanksgiving Day, Christmas Day, Juneteenth, & the Friday after Thanksgiving.
(Sections 662.003(a) & 662.003(b)(4) & (6) of the Texas Government Code) - While earnest money & option fee are not required to be delivered until the deadline provided in the contract, it is recommended that funds be delivered during business hours & that a receipt confirming delivery be obtained from the escrow agent.
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