Option periods in the used home contract, otherwise known as the One to Four Family Residential Contract (Resale). An "option" as defined in paragraph 23 of the TREC Form 20-13 for thie standard resale contract in Texas is basically a "get out of jail free" card for the contract. You can terminate the agreement to purchase for any reason, no matter how unreasonable. Or you can terminate the contract based on astrological signs or any whimsical thought that comes to mind. You simply do not need a reason to terminate the contract...
SO LONG AS YOU ARE WITHIN THE PRESCRIBED TIME LIMITS OF PARAGRAPH 23 in the One to Four Family Residential Contract (Resale), you can terminate the contract. Just because you want to. Paragraph 23 contains two blanks for fill in including the amount of the option fee - usually $100 and the date the option period terminates, usually 10 days.
Keep in mind the boilerplate language states that the notice of cancellation has to be delivered before 5:00 PM of the date prescribed and added in. Paragraph 23 of the One to Four Family Residential Contract (Resale) does not require any particular form of notice of cancellation such as in writing. However, since the time issue is prescribed, you should probably fax or email the notice as well as provide a verbal notice of cancellation.
You can get a copy of a blank One to Four Family Residential Contract (Resale) here: