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Many agents, buyers and sellers don’t understand the “option period” and how to figure out the time period. Here is a question and answer to better explain it.
The effective date for my buyer’s One to Four Family Residential Contract (Resale) is Saturday, Nov 22. Do I include the weekend when counting days for things like my buyer’s 10-day option period? How about Thanksgiving, which is next week?
Yes, you count weekends and holidays. Texas Real Estate Commission (TREC) and Texas Association of Realtors (TAR) contracts use calendar days, not business days.
Because the period in the Termination Option Paragraph follows the word “within,” you can determine the last day for performance by starting with the day after the effective date as Day One and counting the number of days specified. The option period and time frame are in Paragraph 23 of the contract, so using the above question
the buyer has until 11:59 pm on Nov 25th to pay the option fee, and if paid, the option period (10 days) will end at 11:50 pm on Dec 2nd. If the option fee is not paid by 11:59 pm on Nov 25th, the buyer forfeits the option period and Paragraph 23 of the contract is no longer included in the contract.
**Note: An option period can be extended by an amendment to the contract, but the buyer may have to pay additional money and you need to check with your agent.**