Texas Option to Purchase Real Property with Election to Renew Option
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How to fill out Option To Purchase Real Property With Election To Renew Option?
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FAQ
The Option Period in Texas is a specified number of days set forth in a real estate contract which allows the buyer to terminate the contract for any reason.
While including an option period is a common practice in Texas real estate, it's not a mandatory requirement, explains Collins. Sellers are free to reject offers that include option periods or to make counter offers without option periods.
In Texas, the option period begins the day after the contracts are signed. The agreed-upon option fee must be paid by the third day of the option period. If the buyer decides to terminate the contract, they must give written notice by 5 p.m. on the last day of the agreed-upon option period.
Typically 14 days. However, this period is negotiable and can be extended to 2 months. For HDB resale flats, this will be 21 calendar days including Saturday, Sunday, and public holidays.
If you want an option period, you must pay for it. The only good news is that the fee for the extension of the option period does not have to be the same amount as the initial fee.
Both Parties Must Agree to Extension The option period is all about negotiation. Everything from the option fee to the duration of the option period is negotiable. In order to secure an extension, more negotiation must take place.
How do we do that? Use TREC's Amendment to the contract (TXR 1903, TREC 39-8) and fill in an amount acceptable to both parties in Paragraph 6. To ensure the extension of the option period is valid, be sure to include an amount the buyer has paid seller for the additional option fee.
An option-to-purchase contract must conspicuously state the duration of the option period. There is no correct or preferred unit of time and option periods can range from months to years. Typically, however, in the residential context, option periods range from one-to-five years.
Option Period Typically 14 days. However, this period is negotiable and can be extended to 2 months.