Option Period
/ˈɒpʃən ˈpɪəriəd/
Definitions
- (n.) A specified timeframe in a contract during which an option holder can exercise their rights before expiration.
The buyer must notify the seller within the option period to purchase the property.
- (n.) A designated interval in a real estate contract allowing a potential buyer to investigate the property or secure financing before full commitment.
During the option period, the purchaser conducted a home inspection.
Forms
- option period
- option periods
Related terms
See also
Commentary
The option period is critical in contract drafting to clearly define the exact window for exercising rights to avoid disputes over timing.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.