What time does the option period actually end?
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.
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