During what time frame must a buyer give notice of termination to the seller after paying the option fee?

A buyer must give notice of termination to the seller within the option period negotiated, which is the time frame specified in the purchase contract after the buyer has paid the option fee. This period provides the buyer with the right to terminate the contract for any reason without losing the earnest money. Typically, this option period can vary based on what both parties agree upon in the contract, often lasting from a few days to a week or more.

This term empowers the buyer with flexibility and time to conduct inspections or further evaluate their decision to purchase the property. If the buyer does not provide the notice of termination by the end of this negotiated option period, they forfeit their right to terminate the contract without penalty, binding them to the terms agreed upon in the purchase agreement.