Every Minnesota purchase agreement runs on a clock, and not
every deadline ticks the same way. Some count only business days. Others count
every day on the calendar. Mixing them up can put a buyer's earnest money at
risk or leave a seller waiting a week longer than expected.
This post is based on the standard Minnesota Association of
REALTORS® Purchase Agreement (2026 version). Forms get updated every August in MN, so always read
the version you are signing.
The definitions
•
Business Days
are days that are not Saturdays, Sundays, or state or federal holidays, unless
the parties state otherwise in writing.
•
Calendar Days
include Saturdays, Sundays, and state and federal holidays. In the agreement, a
reference to "days" means Calendar Days unless the law requires
otherwise.
How the counting
works
The count starts the day after the event that triggers it,
and the last day runs until 11:59 p.m. The agreement also states that time is
of the essence, which means deadlines are taken seriously.
The event that starts most of the clocks is the Final
Acceptance Date: the day the fully signed purchase agreement is delivered, not
simply the day someone signs it.
Which deadlines use
which
Business days:
•
Delivering earnest money: no later than two business
days after the Final Acceptance Date.
•
The earnest money holder depositing the funds: within
three business days of receiving them or of the Final Acceptance Date,
whichever is later.
•
Applying for the mortgage: within five business days
after the Final Acceptance Date.
•
Locking the interest rate, if the buyer chooses the
five-day option: within five business days.
Calendar days:
•
The inspection period: all inspections, tests and
resulting negotiations must be finished within the number of calendar days
written into the agreement.
An example (for
illustration only)
Say the Final Acceptance Date is Friday, February 12, 2027,
and Monday, February 15 is Presidents' Day.
•
Earnest money is due by Wednesday, February 17, because
the holiday Monday is skipped.
•
The mortgage application is due Monday, February 22
(five business days).
•
A 10-calendar-day inspection period ends Monday,
February 22 at 11:59 p.m., and Saturday, February 13 counts as day one.
Why it matters
Calendar days keep running through weekends and holidays,
but inspectors, contractors and lenders do not. A 10-day inspection period that
crosses Thanksgiving or Christmas can leave only a handful of working days to
schedule an inspection, get a report, and negotiate repairs. Buyers writing
offers during a holiday stretch may want to ask for more time, and sellers
should expect that buyers might.
A few simple habits
•
Have your agent write out every deadline with a date
and time the day the agreement is accepted, and put them in your calendar.
•
Remember that addenda, such as a
sale-of-buyer's-property or short sale contingency, can add their own time
periods.
•
If you need more time, get the extension in writing
before the deadline passes, not after.
If you're planning to buy or sell this winter, I'm glad to
walk through the timeline with you before you sign. Call 651-248-4855 or email
shannon@freshstartrealtymn.com.
This post is general
information, not legal advice. Read your purchase agreement carefully and
consult an attorney with legal questions.