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