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