Can a real estate option agreement be terminated if the property owner does not fulfill certain conditions within the specified time frame?

I am currently in the process of negotiating a real estate option agreement with a property owner, where I have the right to purchase the property within a certain time frame at a pre-determined price. However, the agreement includes certain conditions that the property owner must fulfill, such as obtaining certain permits or completing renovations, within a specified time period. If the property owner fails to meet these conditions within the given timeframe, can the option agreement be terminated, or do I still have the right to purchase the property at the agreed-upon price? I am seeking clarification on the legal implications of such a situation.

Damien B.

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If your option agreement explicitly states that the property owner must meet certain conditions (e.g., obtaining permits or completing renovations) as a prerequisite for you exercising your option, their failure to meet these conditions could render the agreement void or allow you to terminate it. The agreement might include a "time is of the essence" clause, which makes meeting deadlines legally binding. If the property owner misses deadlines for required actions, you may have grounds to terminate the agreement. Carefully examine the terms, particularly sections related to contingencies, conditions, and remedies for non-compliance. Consult an attorney to assess your rights and obligations under the agreement and advise you on how to proceed. Feel free to reach out.