What happens to the 3-day retraction period if the third day falls on a weekend or holiday?

The retraction period is a crucial aspect of real estate transactions as it provides the buyer a specific window to reconsider their decision. When the third day of the retraction period falls on a weekend or a holiday, the legal understanding is that this period does not count towards the three days.

In real estate transactions, especially those governed by OACIQ regulations, there are provisions that accommodate weekends and holidays to ensure fairness to the buyer. This means that if the last day of the retraction period is not a business day, the buyer is allowed additional time to make their decision. Essentially, the timeline is paused, and the buyer is granted the ability to act on the next business day without the pressure of an impending deadline falling over a non-working period.

This practice aligns with consumer protection principles, ensuring that buyers have adequate time to evaluate their decision without unfair constraints posed by weekends or holidays.