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Shantell Provost

What does the term option pending mean?

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What does the term option pending mean?

By Shantell Provost   
Posted on Sep 16, 2019 in Topic: General
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Status: Open
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Asked by: Consumer
Posted: 1 month ago
Topic: General
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Yvonne Chauvin
about 1 month ago
Hi Shantell,

A buyer who enters into a contract to purchase residential property has an opportunity to ask for an “option period”. That period allows the buyer to conduct home inspections, negotiate repairs and also- walk away from the deal for any reason.
During that time, the listing will be classified as “Option Pending”. Once the option period expires (generally buyer’s agents will ask for 7-10 days), the listing will then go into “Pending” status (if the buyer choses to move forward with the purchase).
If the buyer decides to back out and terminate the contract, the listing will go back to “Active” status.

“Option period” is a unilateral contract, during which only one party is required to perform- the Seller is required to sell the property, but the Buyer is not required to buy it. If Buyer moves forward with the transaction and does not terminate before the expiration of the “option period”, the contract then becomes binding on both parties.
I hope this helps!
Thank you,

Yvonne Chauvin- REALTOR®
MCNE, CNE
Better Homes & Gardens Real Estate Gary Greene
YvonneChauvin@yvonnechauvin.com
Cell: 281-686-0143


about 1 month ago
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Prabhat Production
about 1 month ago
Thanks very much, this is really a nice and useful.nice


about 1 month ago
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moffu mof
about 3 weeks ago
Pending means they are out of the Option Period to back out of the Contract due to repairs. It means if there where any problems the seller and the buyer have work thru them and Pending is the last stage before they close. I hope this helps. Option Pending means that the transaction is still within the Option Period.
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about 3 weeks ago
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about 7 days ago
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about 7 days ago
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Kathryn Ashburn
about 6 days ago
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about 6 days ago
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emma jackson
about 4 days ago
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about 4 days ago
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ihelper .us
about 3 days ago
well i dont know


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about 3 days ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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