hard · National Real Estate Exam
An optionee (buyer) decides not to exercise their option. Do they need to take any legal action to 'cancel' the agreement?
- No, the option automatically expires at the end of the term if not exercised.
- Yes, they must file a 'Notice of Non-Exercise' in the county records.
- No, but they must wait 2 years for the statute of limitations to expire.
- Yes, they must obtain a release from the optionor to get their money back.
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