Today we'll talk about the top eight common questions about option key and option period here in Texas. The Option Period in Texas is a specified number of days set forth in a real estate contract which allows the buyer to terminate the contract for any reason.14 Steps to Buying a House: A Guide to the Home Buying Process in Houston. A complete, step-by-step breakdown on how to buy a house in Houston. This chapter governs the creation, alteration, and termination of condominiums, condominium management, and purchase protections. The CPO has authority over state agency procurement Authorized to provide leadership on procurement issues, the CPO may ana. Payoffs to option positions can be calculated in different ways depending on what the investor is looking for. Explore options terminology. A put option allows investors to bet against the future of a company or index.