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What if I don’t pay the option fee in time?

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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.

Have a question about buying, selling, or leasing property in Texas? Ask us. Not all submitted questions will be answered.

Categories: Buyers
Tags: legal, legal faq, buyers, consumers, contracts, buying

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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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