What happens to the offer when an option to purchase is executed?

When an option to purchase is executed, the offer remains open for acceptance because the execution of the option signifies that the buyer now has the right to purchase the property under the terms outlined in the option agreement. This means that the buyer can decide whether or not to carry through with the purchase, and the offer is considered valid and actionable during this period.

In essence, executing the option does not terminate the offer; instead, it gives the holder of the option the ability to accept the offer by completing the purchase. This period allows the buyer to secure the property while having the flexibility to consider their options. The mechanics of an option to purchase are designed to provide the potential buyer a time frame in which to decide without the risk of losing the opportunity to acquire the property.