How to calculate the last day of your client’s option period

Translate this page
A red pen circles a date on a white paper calendar.

01/14/2016 | Author: Editorial Staff

How do I determine the last day to terminate under my client’s 10-day option period in the One to Four Family Residential Contract (Resale)?

Since Paragraph 23, the Termination Option Paragraph, uses the word within when describing the time period, Day One of the option period is the day after the effective date of the contract.

For example, if your client’s effective date is January 22 with a 10-day option period, the option period will end on February 1. If your client wishes to terminate under the Termination Option Paragraph, she must provide notice to the seller by 5 p.m. local time where the property is located on February 1.

Get more answers to your legal questions on texasrealestate.com.

Categories: Legal
Tags: legal faq, legal, buyers, forms, option period, termination option period


Comments

Mc on 01/19/2016

Although a pretty simple matter it is often misunderstood and not done correctly.  Thank you for a simple explanation.

jks on 01/15/2016

If you can not count 10 days after effective date, then you should not be a realtor.

JD on 01/15/2016

Ok, blonde moment, nevermind….I don’t know why I was thinking the end of Feb instead of the end of Jan.

JD on 01/15/2016

I’m lost here, there are only 28-29 days in Feb, I think another example is needed, at most this example only gives 9 days.


Leave a Comment

Read our commenting policy



advertise with us

Legal disclaimer

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.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

Advice for REALTORS®

How TREC’s new proposal affects unlicensed assistants

How social media savvy are you?

Why you should come to Austin in February

Have you seen the REALTOR®-only artifical intelligence safety tool?

Subscribe

More advice for REALTORS®