Definition
A negotiated window during which a buyer may terminate for any reason, usually for a fee.
Example
The seven-day option period cost $300 and preserved the buyer's unrestricted right to terminate.
Related terms
Frequently asked questions
What does Option Period mean in real estate?
A negotiated window during which a buyer may terminate for any reason, usually for a fee.
How is Option Period used in practice?
The seven-day option period cost $300 and preserved the buyer's unrestricted right to terminate.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.