What typically occurs during the Option Period for the buyer?

During the Option Period, the buyer has the right to conduct inspections on the property. This period is crucial as it provides the buyer with an opportunity to thoroughly evaluate the condition of the home and identify any potential issues. If the buyer discovers any defects or is otherwise dissatisfied with the findings from inspections, they can terminate the contract without incurring legal consequences, enabling them to safeguard their interests.

Engaging in negotiations for a lower price typically occurs prior to the Option Period or as part of the overall buying process rather than being the primary function of this specific time frame. Similarly, confirming loan approval and finalizing the sale are steps that occur either before or after the Option Period, rather than being the focus during it. Therefore, the Option Period primarily empowers the buyer with the freedom to inspect and decide whether to proceed with the purchase.