How are time deadlines calculated?
Exchange deadlines commence upon the day that title to the relinquished property is transferred. The date of transfer is the date the benefits and burdens of ownership are transferred to the new buyer, according to state law. Title companies are encouraged to reflect the actual closing date on the settlement statements to clear up any misunderstandings as to the date ownership actually transfers. Such date is not necessarily the same date documents are filed or proceeds disbursed. Additionally, identification and closing deadlines are not extended due to the fact that the deadline may fall on a Saturday, Sunday or holiday. In counting days, a taxpayer does not count the day the relinquished property transfers; the next day is day 1 for counting purposes.
