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Updated almost 10 years ago,

John T.'s profile image
John T.'s profile image
John T.
  • Rental Property Investor
  • from Central U. S. A.
  • Member since Jan 25, 2013
Connect

User Stats

290
Posts
141
Votes
John T.'s profile image
John T.'s profile image
John T.
  • Rental Property Investor
  • from Central U. S. A.
  • Member since Jan 25, 2013
Connect
John T.
  • Rental Property Investor
  • Central U. S. A.
141
Votes |
290
Posts
Wholesaling

Question about Wholesale Contract Provision

John T.
  • Rental Property Investor
  • Central U. S. A.
Posted

A newbie wholesaler, who says he has a Mentor, has a one page Purchase and Sale Agreement that contains the following provision:

"This contract is binding at 11:59 pm on the tenth day after it is executed by the buyer and seller."

Assuming that every clause and sentence in a contract has a purpose, what is the purpose of the above-quoted sentence? Is this a 10 day right of rescission?  Any thoughts on the purpose of the provision?

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