ContractsQuestion 53 of 120
The Texas 'option period' (termination option) in the standard residential contract generally allows the buyer to:
a.Occupy the home before closing rent-free
b.Terminate the contract for any reason during the option period in exchange for the option fee
c.Force the seller to make all requested repairs
d.Extend the closing date indefinitely
Explanation
For a negotiated option fee, the buyer receives an unrestricted right to terminate the contract within the option period, commonly used to complete inspections. If the buyer does not terminate, the option simply expires and the contract continues.
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