When must earnest money be deposited if an offer is accepted on March 4th and is due within 14 business days?

When must earnest money be deposited if an offer is accepted on March 4th and is due within 14 business days?

• A. March 18
• B. March 22
• C. March 21
• D. March 22, the following month

Answer: (B)

The correct timing for depositing earnest money is determined by counting the appropriate number of business days from the date an offer is accepted. In this scenario, if the offer is accepted on March 4th and earnest money is due within 14 business days, we need to exclude weekends and any holidays that may occur within that period. Starting from March 4th, and counting out 14 business days, you would first count each weekday, moving through the calendar. After calculating, it turns out that the 14th business day lands on March 22nd. This is correct because it allows for a proper count without including any weekends, which typically fall on Saturdays and Sundays. It's crucial to understand how business days are defined and the steps involved in counting them, as this ensures compliance with contractual obligations in real estate transactions.

The correct timing for depositing earnest money is determined by counting the appropriate number of business days from the date an offer is accepted. In this scenario, if the offer is accepted on March 4th and earnest money is due within 14 business days, we need to exclude weekends and any holidays that may occur within that period.

Starting from March 4th, and counting out 14 business days, you would first count each weekday, moving through the calendar. After calculating, it turns out that the 14th business day lands on March 22nd. This is correct because it allows for a proper count without including any weekends, which typically fall on Saturdays and Sundays.

It's crucial to understand how business days are defined and the steps involved in counting them, as this ensures compliance with contractual obligations in real estate transactions.