What happens if a delayed Settlement deadline falls on a holiday?

Paragraph 12 of the standard offer to purchase form 2-T allows either party to delay the closing period by 7 days.

But what if the 7th day falls on a weekend or holiday? Can the parties close on the next available business day without the delaying party being in breach?

Technically speaking: no

Paragraph 22 of Form 2-T sets out how days and times in the contract must be calculated. Importantly, this paragraph states that: “Unless otherwise provided, the term ‘days’ shall mean calendar days.”

On the eighth day, the non-delaying party would have a right to terminate the contract and seek any remedies available.

Parties should keep this in mind when negotiating a Settlement Date to ensure the revised settlement date is not on a weekend or holiday.

As always, this is based on the current version of Standard Offer To Purchase Form 2-T - which can change over time, so the answer in this example could change if the terms of the standard contract are updated. Always check with a licensed real estate agent for current guidance.