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Description: This contract form is for property that does not have physical buildings, additions or fixtures on the land. It is generally used for property that has been platted (has a recorded Lot/Block legal description).
The day of signature is considered Day 0, and all subsequent days (including weekends) are counted from there. So a 5 day Option period from our example above would extend to 5:00PM local time on the 6th day after signatures were completed and the contract was executed.
The timely response rule only requires acknowledgement of the offer within two calendar days and does not force a party to accept, reject, or negotiate an offer. A license holders fiduciary duties owed to their client include representing the interest of the client in the buying, selling, or leasing of a property.
In Texas, most people can consider the buyers offer on a home void if the seller has not respond to an offer between two and four business days. After that time period, buyers can consider themselves no longer legally obligated to their offer.
Every year, one of the top categories of complaints received by TREC is leasing and property management violations.
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