Knowledebase Tag: option period
- My buyer is purchasing his first home. His option period has ended, and it’s eight days from closing. My client still hasn’t received the seller’s disclosure notice, and asked me if he can terminate the contract. Can he?
- It’s the last day of my buyer’s option period. The buyer and seller are still negotiating repairs and want to extend the option period. How do we do that?
- 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)?
- My client has a contract to sell her home, but the buyer hasn’t deposited the earnest money despite numerous requests from his agent. My client thinks the buyer is in default, and she wants to terminate the contract and receive the earnest money. Is there a form to give notice to the buyer that the contract is terminated?
- On the fourth day of a 10-day option period, my seller client started fixing five items that he agreed to repair in an amendment (TAR 1903). On the sixth day, the buyer sent the seller a notice terminating the contract under his termination option in Paragraph 23. My client is upset because he already repaired two of the five items. Is a buyer allowed to terminate during the option period even after the seller has started making repairs?
- I know my buyer’s termination option ends on Thursday, but at what time?
- Does a buyer have to complete his inspections during the option period?
- It’s the last day of my buyer’s option period. The buyer and seller are still negotiating repairs and want to extend the option period. How do we do that?
- My buyer client is on the eighth day of his 10-day termination-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 termination-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?
- My buyer’s right to terminate the contract under Paragraph 23 has expired, but his inspector found serious foundation problems and possible mold because of a prior roof leak. Can the buyer still terminate the contract after the option period because of these issues?
