Yes. If the buyer in this situation chooses to request an extension of the termination-option period instead of exercising the default remedies available to him in the contract, then he must agree to offer something of value as consideration to the seller to ensure that the extension is legally enforceable. This is often done by paying an additional termination-option fee.

Extensive case law in Texas suggests a termination-option period cannot be extended without an additional option fee, so a buyer should pay another option fee to reliably extend the option period.

Use TREC’s Amendment to the contract (TXR 1903, TREC 39-11), and complete Paragraph 7 with a new expiration date and option extension fee. Leaving the fee blank or putting zero dollars may lead to an unenforceable amendment.

The amendment must be signed by both parties before the original option period expires. In addition, Paragraph 7 states that the buyer has paid the seller the option extension fee. Because the provision is drafted as an acknowledgement of payment, the extension fee should be paid directly to the seller at or before the time the amendment is signed.

The termination option ends at 5 p.m. local time to where the property is located. The Texas Real Estate Commission revised its contracts effective January 1, 2016, to implement this time deadline.

It’s not clear. If the parties cannot come to an agreement on whether an option period is granted, the issue would have to be settled in mediation as outlined in Paragraph 16 of the contract.