What happens to a buyer's option to purchase land if they do not exercise it before the 90-day expiration period?

When a buyer has an option to purchase land, it is a contractual right that allows them to buy the property within a specified time frame, in this case, 90 days. If the buyer does not exercise their option within this period, the right to purchase becomes void. This means that they lose the legal ability to buy the property under the terms of the option agreement. The option is contingent upon being acted upon within the agreed-upon timeframe; once that time limit expires without action, the option can no longer be invoked.

The other options suggest different implications for the status of the buyer's option, which do not align with standard real estate practices. For instance, an automatic extension would imply the option remains valid beyond its original terms, which is not typically the case unless explicitly stated in the contract. Similarly, remaining valid indefinitely or being renewable would require specific provisions in the option agreement that were not mentioned. Thus, understanding the nature of the option agreement is essential, as any failure to exercise the right before the deadline results in it becoming void.