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What time does the option period actually end?

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Two hands grasped above a signed contract and cash

04/14/2014 | Author: Editorial Staff

The listing agent tells me that my buyer's termination option ends at 5 p.m. on the day specified in the contract. Is that true? 

No. TREC contracts and addenda do not specify a time-of-day deadline. The language of the termination-option provision allows for termination at any time within a specified number of days after the effective date of the contract. Therefore, a buyer may provide the notice to terminate up until 11:59 p.m. of the last day of the termination-option period. However, all parties should avoid last-minute compliance with performance-of-contract obligations or requirements whenever possible to avoid controversy.

Learn more about option periods and fees on the Legal FAQs page

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

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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.

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