what does option pending mean ?
It means a buyer has contracted with the seller and the buyer is still in their option period.
Page 51 gives of the HAR MLS Rules & Regulations gives a very thorough description of each MLS status: https://web.har.com/mls/MLSRules.pdf
See the definition of Option Pending: "Listings that are under contract and the seller and buyer have agreed to use the “Termination Option” in paragraph 23 of the standard TREC contract"
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OP : Option Pending status is the period of time during the contract in which the buyer has the unrestricted right to terminate the transaction and walk away. The buyer and seller negotiate how many days the option to terminate lasts, and how much the nominal fee is for this option to terminate. The buyer pays the option fee to the seller and if the contract does terminate within the time frame provided then the seller retains the fee as compensation for allowing the option. If the buyer stays ...
OP : Option Pending status is the period of time during the contract in which the buyer has the unrestricted right to terminate the transaction and walk away. The buyer and seller negotiate how many days the option to terminate lasts, and how much the nominal fee is for this option to terminate. The buyer pays the option fee to the seller and if the contract does terminate within the time frame provided then the seller retains the fee as compensation for allowing the option. If the buyer stays with the transaction the option fee is a credit to the buyer at the closing, unless the parties checked the choice that the fee is not to be credited back.
Typically it is during this option period that the buyer will conduct their property inspections and in some cases will attempt to renegotiate the contract to include remedies for the deficiencies found during inspections. However, according to paragraph 7 of the contract inspections and requests for repairs or credits for repairs can be done at any time during the contract escrow period.
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