The following article is not intended to provide legal opinions or advice, but only to educate buyers about the real estate buying process. You should always consult a lawyer before entering into a legally binding contract.
In Texas, the Termination Option, or the option period as it is typically referred to, provides buyers with an unrestricted right to terminate a contract to purchase property, for a specified fee within a specified number of days after the contract is signed by all parties. In layman’s terms, the buyer has the right to say, “No thanks, I decided I don’t want to buy your house after all.†Since this is an unrestricted right, there need not be a reason for terminating or cancelling the contract. The buyer does pay for this unres View the rest of this article
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