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Who pays to extend the option period?

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11/26/2014 | Author: Editorial Staff

My buyer client is on the eighth day of his 10-day option period, and the seller still hasn’t turned on the utilities to allow the buyer to have the property inspected.  The seller promised to have the utilities on next week, so my buyer just wants to extend the option period another 10 days. Will the buyer have to pay another option fee even though the extension is because the seller breached the contract?

Yes. If the buyer chooses to request an extension of the termination-option period instead of exercising the default remedies available to him in Paragraph 15, then he must agree to pay an additional option fee to the seller to ensure that the extension is legally enforceable.

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

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