What does “option pending” mean?
1,2032 answer(s)
About 3 years ago
In the Texas purchase contract, there is a clause which allows a consumer the unrestricted right to terminate the contract. This is also commonly called the option period. The length of the option period is completely negotiable between the buyer and seller. Most often you will find this period lasts between 7-10 days. During this period of time, the status is option pending because the contract is pending on the resolution/expiration of the option period.
source:
http://www.houstonhomesource.net/har-com-status/
http://www.houstonhomesource.net/har-com-status/
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DislikeAbout 5 years ago
Option Pending means the seller and buyer have signed a contract. The contract has a clause giving the buyer the option to terminate within a certain number of days (usually 10 days). During the Termination Option, buyers usually do their inspections and check out anything else that will affect their decision to buy the home.
source:
Texas Real Estate Commission
Texas Real Estate Commission
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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