For those who dont know, an Option Period is the agreed upon time frame during which the buyer can cancel the contract for any reason, without penalties. An option period is usually 7-10 days but it could be longer or shorter. During this time, a buyer would normally conduct an inspection of the property, prepare quotes for repairs, and negotiate repairs with seller. If the buyer chooses to request an extension of the option period instead of exercising the default remedies available to them in the contract, then they must agree to offer something of value as consideration to the seller to ensure that the extension is legally enforceable. This is often done by paying an additional option fee. The option fee is also consider to be non-refundable in the State of Texas but will be applied towards the down payment if you end up purchasing the property. The option period expires on the day agreed upon by both the buyer and seller at 5 p.m. local time to where the property is located. The Texas Real Estate Commission revised its contracts effective January 1, 2016, to implement this time deadline.nbsp;
