is option period still good after signing amendment?
3,323Hello fellows,
Say, within option period, is buyer still free to terminate purchase contract, when inspection and repair credit amendment were finalized? Or, once amendment is signed, no parties can back out even though it's still within option days in the original contract?
thanks
Lee
12 answer(s)
About 3 years ago
Yes, The addendum is that it is made a part of the original offer submitted and if the offer is accepted, it will be part of the agreed terms.
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DislikeAbout 3 years ago
Yes, the option period is still good after signing amendment, as long as it is still w/in the option time (allowed) as per the agreement.
About 3 years ago
Hi, Extensive case law in Texas suggests a termination-option period cannot be extended without an additional option fee, so a buyer should pay another option fee to reliably extend the option period.
About 3 years ago
If the remainder of Option was not waived on the Amendment, then you are still in the Option Period. The option period is specified in days, unless waived.
About 3 years ago
Normally when you send over the amendment you mark I think it’s 7 that waives the rest of the option, Once you have worked out everything no reason to continue option. If not marked however you have the remaining time per the original contract.
About 3 years ago
I would love to give you additional advice. These awesome Agents have said it all though!
Option period is still good unless you check box 7 on the Amendment.
Option period is still good unless you check box 7 on the Amendment.
About 3 years ago
It depends. Is there time remaining in the Option Period and did buyer check box 7 on the Amendment giving up right to terminate?
About 3 years ago
On the amendment, there is a spot to end option period. As long as that isn't filled out, option period continues. You can renegotiate as many times as you want before option is over. It's best to do it all at once, but some clients have last minute demands.
About 3 years ago
Yes, it is still good as long as your buyer didn’t waive his right of termination on the amendment.
About 3 years ago
If the amendment is for anything other than terminating the option period, then yes it is still good.
About 3 years ago
Unless you waived the option period on the amendment it is still good. Even if you negotiate d repairs and came to an agreement you can still exercise you right to terminate until 5pm on the last day of the termination option period.
About 3 years ago
Hi Zhaoqi, it's my understanding that you're still under the option period so your buyer can still terminate unless they've waived thier option period following the executed amendment. If you didn't check this box to waive their option period then they're still in option and still have the rights to terminate - even if the seller already begun repairs. Good luck!
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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