What if I don’t pay the option fee in time?
03/08/2016 | Author: Legal Staff
What happens if I don’t pay the fee for a termination option within three days from the time the contract was accepted? Can I still pay the fee after three days and rely on the option period to terminate the contract?
No. In the Termination Option paragraph, it states: “… if Buyer fails to pay the Option Fee to Seller within the time prescribed, this paragraph will not be a part of this contract and Buyer shall not have the unrestricted right to terminate this contract.”
Since many buyers purchase a termination option with the intent of conducting inspections and making other considerations while reserving the right to terminate the contract, buyers will want to make sure not to miss the payment deadline in this paragraph.
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