The Option Period may be extended by mutual agreement between the buyer and seller, but the seller can ask for an additional Option Fee. The Option Period is negotiable, but should be long enough to allow the property to be inspected and to negotiate repairs.
Keeping this in consideration, does the option period include weekends?
No additional information is provided. Yes all days are considered in an option period. To extend it, you would have to have mutual consent from both the buyer and seller to extend the time frame.
Beside above, how can a contract be terminated during the option period? You don’t have to have a reason to terminate the contract during the option period, but it must be done during the option period. Call the listing agent promptly to inform them of your clients decision to withdraw. Follow up with an email, letter, or fax to confirm the conversation and details discussed.
Herein, can buyer back out during option period?
There is no “option” period for a seller. However, if the first contract is not a contingency contract then the seller is not able to “back out” of the contract unless the buyer defaults in someway (and there are various ways a buyer can, in fact, default).
Does option period include holidays?
The option period starts the day AFTER the contract is executed. The option period ends at 5 pm central standard time on the last day of the option period. All days are calendar days. Holidays are counted as a calendar day in the calculation of the option period.