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I’m the back-up buyer. When does my option period start?

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06/30/2015 | Author: Legal Staff

A seller accepted my back-up offer on a home that’s currently under contract to another buyer. I paid for a 10-day option to terminate, but when do my 10 days start? I don’t know if I’ll even get the chance to purchase the house.

You have the option to terminate at any time while you’re in the back-up position. The option period specified in Paragraph 23 of the contract—10 days, in your case—doesn’t start until your contract becomes the primary contract, which is the date you receive notice from the seller of the termination of the first contract. 

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Categories: Buyers
Tags: backup offer, buyers, option period

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

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