Option Period and Option Check Deadlines, 5-25-17

Does the 5pm deadline apply to both the option period and delivery of the option check? This week Dawn clarifies what the contract says about delivery based on a 5pm deadline versus an end of calendar day deadline.

Monica Giorgetti

about 3 years agoMay 25, 2017

02:08:63

Thanks Always Dawn to you and your teams for clarification in Real Estate !!

Deonn Cole

almost 2 years agoJuly 15, 2018

If buyer extends option period, when is the amount due for extension? Is it due at the end of the first option period or do they have until the end of the second extension. They extended by 3 days from original option period. I know on the first option period they have 3 days what about extension?

Blair McCartney Nash- Assoc. Counsel, Allegiance

almost 2 years agoJuly 16, 2018

Hi Deonn, the amendment provides, "Buyer has paid Seller an additional Option Fee of $____," so the amendment contemplates that the additional fee is paid at or before the time the amendment is signed (rather that the 3 days provided for in the original Para. 23). Let us know if you have further questions!