Narrated by Sayyiduna Abdullah bin Umar (may Allah be pleased with them both) that the Messenger of Allah (peace and blessings be upon him) said: The two persons involved in a transaction have the option (to cancel the deal) until they separate, unless it is a trade with the option (already specified), or one says to the other: You have the option.
Hadith Referenceالفتح الربانی / أبواب الشروط فى البيع / 5921
Hadith Gradingمحدثین:صحیح
Hadith Takhrij«اسناده صحيح۔ أخرجه ابوداود: 3457، وابن ماجه: 2182 ، (انظر مسند أحمد ترقيم الرسالة: 19813 ترقیم بيت الأفكار الدولية: 4484»
Brief Explanation
Benefits: … The meaning of "Bay‘ Khiyar" (transaction with option) is that the seller has given the buyer the option, or the buyer has stipulated the condition of having an option; in such a case, even after separation, the option remains until the specified period is completed.