what does option pending mean ?

OP / Option Pending as defined by HAR MLS Rules and Regulations: Listings that are under contract and the seller and buyer have agreed to use the “Termination Option” in paragraph 23 of the standard TREC contract, effective 1/1/03.

It means a buyer has contracted with the seller and the buyer is still in their option period.

Page 51 gives of the HAR MLS Rules & Regulations gives a very thorough description of each MLS status: https://web.har.com/mls/MLSRules.pdf

Dear Marisol,

See the definition of Option Pending: "Listings that are under contract and the seller and buyer have agreed to use the “Termination Option” in paragraph 23 of the standard TREC contract"

Call me if you need professional help 832-283-1091

Thanks and Regards, .

Cagdas Acar
Mcs. PSA VLB Realtor
832-283-1091
acarster@gmail.com
www.cagdasacar.kw.com

OP : Option Pending status is the period of time during the contract in which the buyer has the unrestricted right to terminate the transaction and walk away. The buyer and seller negotiate how many days the option to terminate lasts, and how much the nominal fee is for this option to terminate. The buyer pays the option fee to the seller and if the contract does terminate within the time frame provided then the seller retains the fee as compensation for allowing the option. If the buyer stays with the transaction the option fee is a credit to the buyer at the closing, unless the parties checked the choice that the fee is not to be credited back.
Typically it is during this option period that the buyer will conduct their property inspections and in some cases will attempt to renegotiate the contract to include remedies for the deficiencies found during inspections. However, according to paragraph 7 of the contract inspections and requests for repairs or credits for repairs can be done at any time during the contract escrow period.

OP-Option Pending means that the buyer has paid a fee for the unrestricted right to terminate the contract during the 'option period'. The buyer and seller agree on the amount of the fee and the length of time for the option period. It is typically 7-14 days but can be whatever amount of time the buyer and seller agree upon. During this time the buyer generally will get inspections and negotiate any needed repairs. The buyer can back out for any reason during this period.

Option Pending - known as OP status means the contract is in an option period, this typically stays 7-14 days and also buyer needs to pay the option fee as well. In this case, the seller has no right to terminate the contract during this period, just only the buyer.