Rachel Leigh Gross is a freelance writer and editor based in Providence, Rhode Island. 5.0. The buyer would still receive back the earnest money deposit (EMD) placed down at signing, usually between 1% and 3% of the sale price. During the Option Period, the buyer can terminate the contract for any . If the seller does not fix objections within 15 days, the contract is terminated and the earnest money is returned to the buyer. Its unique in a sense that my out-of-state buyers ask about it more than anything else. Share with your sellers these tips on how to live in a show-ready house Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report. [citation needed] These two types of deposits are frequently confused and both must be delivered after signing a Texas real estate purchase agreement. As a buyer, you need to make sure you make the most competitive offer you can, while still ensuring youre making a great investment.. If for some reason you need to extend the option period, youll pay an additional fee. 1650 Highway 6, #350, Sugar Land , TX 77478 (Map) If the buyer chooses to terminate the contract during the option period, the seller has the right to keep the amount paid for the option period. (Read client testimonials), Local Area ExpertiseThis isnt just my businessits where I work and live (for 20 years) so I really know the area. The buyer can request this form be signed if they wish to back out with cause or if the seller has defaulted on the contract. The buyer has the right to object to the Commitment and Exception Documents within a certain number of days. Here are quick answers to common questions about earnest money Texas buyers, sellers, and real estate agents have. I will help you narrow your options and find the best neighborhood for you based on your specifications. In addition, if you find any defects that you cannot live with, then you must negotiate the repairs, or change in price, before the end of the Option period. This includes a professional CMA when you are ready to purchase a specific homeso you dont pay too much. My buyer client is on the eighth day of his 10-day termination-option period, and the seller still h. March 19, 2018 | Author: TAR Staff. If the buyer is more motivated to purchase the home, they may sweeten the pot with a higher amount and shorter option period. If you have questions or issues with accessibility, please contact us. d. You will not post any information intended to sell or advertise a business, product, or service. Buyers should make the most of the period and take every opportunity they can to solidify their decision to buy or terminate. The deadline is moved forward a day if Day 3 falls on a weekend or legal holiday. In fact, some modestly priced homes only include option fees of $100. 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. At closing, the earnest money deposit is credited toward closing costs and/or the down payment. When youre buying a home, zip your wallet! 6 of the Top We Buy Houses for Cash Companies in Kissimmee, What to Do When You Cant Afford Home Repairs and Need Help, 18 House Hunting Tips From Real Estate Experts, 5 of the Top We Buy Houses for Cash Companies in Amarillo, terminate the sale at any point during the allotted time, "5 Steps to Optimize Your Home Buyers Option Period," Stonebriar Property Inspections (June 2021), "Option Period," Legacy Texas Title (May 2021), "What is an Option Fee in Real Estate?," Close Concierge (July 2021), "Hot Markets, Cool Practices," Texas Real Estate Center (August 2021), "How to Deal With Inspection Reports Provided to a Seller," Texas Real Estate Commission (May 2019), Final negotiated terms between buyer and seller. You should contact your attorney to obtain advice with respect to any particular issue or problem. The Texas Real Estate Option Period: Provides security for the buyer. Buyers anxieties are put at ease when they realize how beneficial this is to them as the buyer. Creekview Realty notes that the option fee is usually $100 and the period is seven to 10 days. . An option period gives the buyer a specific amount of time to have the property inspected and decide if they will continue with the purchase. The option period ends at 5 pm central standard time on the last day of the option period. Copyright 2021 Sheila Cox. If you are an HAR Account subscriber or a member of HAR, please click, -------------------------------------------------. Option Period: What Is It When Buying A Home. It gives you the right to terminate the contract without losing your Earnest Money Deposit. Understanding the contractual elements in a real estate transaction is important to protect yourself and your investment. Free shipping for many products! Home | FAQ | Blog | Mortgage Calculator | VA Loans | Terms of Use | Privacy Notice, 2710 S Clear Creek Rd Ste 115 My team of experts is ready to help you achieve your goals. The number of days and the amount of the option fee, like sales price and earnest money, are among those features negotiated between a seller and potential buyer in the sale contract; in Texas, option fees typically range from $100 to $200, while earnest money ranges from one to several thousand dollars. An option period usually comes at the cost of a non-refundable option fee on the buyers side. If you're a homebuyer interested in learning more about becoming a cash buyer, schedule an appointment with a Homeward Advisor here. Since Paragraph 5A, the Delivery of Earnest Money and Option Fee Paragraph, uses the word within when describing the time period, Day One of the option period is the day after the effective date of the contract. The Texas Real Estate Commission revised its contracts effective January 1, 2016, to implement this time deadline. For example, if the contract is executed on July 15th, the option period then begins on July 16th. There is not a predefined requirement for how much a buyer must pay for the option period in Texas; however, it typically ranges between $100 to $200. Agents Compete, You Win. Selling Your Rental Property? Its the last day of my buyers option period. A typical option period is anywhere between 1 and 10 days but is dependent on several factors. Requires consideration - a non-refundable fee paid to the seller called the Option Fee. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. No questions asked. The termination option ends at 5 p.m. local time to where the property is located. Typical contingencies for land purchases include: That the buyer can obtain suitable financing typically within 30 days, or longer if you are using a construction loan to finance both the land and construction. Leaving it blank or putting zero dollars may lead to an unenforceable amendment. The Austin area is known for its live music scene as well as many parks and lakes ideal for hiking and exploring. For that reason, its not a process that should be rushed. If youd like more information regarding the Texas option period I would love to hear from you. This is the same deadline as the earnest money deposit. Therefore, we promote stricteditorial integrity in each of our posts. Find a top real estate agent in your area to help you buy your dream home. The Option Fee must be delivered no later than 11:59 p.m. on the third day after the effective date of the contract. Enhance your real estate experience with HAR App, To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. The option period begins the day after the effective date of the contract. Excess screen time can lead to exhaustion and stress. Here's everything you need to know about the option period and how it can help you. To get the privilege of having an option period as a homebuyer, you'll pay an option fee to the seller. Network of ExpertsMy network of experts can make your transition to the area as smooth as possible. Im going to , EVERYTHING YOU WANT TO KNOW ABOUT SUGAR LAND TEXAS, 1650 Highway 6, #350, Sugar Land , TX 77478 (, Ultimate Guide to Sugar Land Texas Save Time & Effort, Hows the Market in Sugar Land Texas? It also compensates the seller for their time as you do your due diligence on the house. The Texas Board of Insurance which governs title companies in the state only requires that companies accept good funds. Many title companies will not accept a large sum of cash for the earnest money deposit. While including an option period is a common practice in Texas real estate, its not a mandatory requirement, explains Collins. require longer option periods. It provides security for the buyer by giving you the chance to terminate the purchase contract for any reason whatsoever without risking your good faith deposit. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. When you write a contract to purchase a home in in Texas, you can buy an "option period" (usually 7-10 days, negotiable) from the seller for $200-$400 (negotiable) that gives you the irrevocable privilege to back out of the sales contract for any reason, and still receive your 1 percent earnest money back. Once the offer is accepted, Homeward conducts a, You buy back the home from Homeward once your new mortgage is ready. In summary, the Option period gives you time to have the home thoroughly inspected and find any defects that you cannot live with. An active option contract means the seller has accepted an offer to sell their property. d. You will not post any information intended to sell or advertise a business, product, or service. Think of it like home-purchase insurance for the buyer. Any and all inspections that you want to have done to the home must happen before the end of the Option period. A general rule of thumb is the earnest money is refundable to the buyer if the. is money put down as a deposit with a Texas real estate purchase agreement. Average for the last 12 months. Thats because option periods are called different things in different places. Any reason is valid to change your mind during an option period the only thing were risking is our option fee, shares real estate agent Jennifer Bacak, who sells homes 47% faster than the average agent in Bryan,Texas. An option period favors the buyer much more than the seller. It depends on why the deal failed to close. As a buyer, the option period allows you to include contingencies in your offer and address any concerns you might have before finalizing the contract. Whats Your Home Worth in Current Market? For example, if your client's effective date is January 22 with a 10-day option period, the option period will end on February 1. An option period can be extended if the seller agrees. While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. It means you can back out of the purchase if youve discovered something ugly or move forward with a home thats been held for you during your decision-making. DOWNLOAD The. This fee makes the option period more worth a seller's time. A higher fee and shorter time frame might make the buyers offer more attractive to the seller, and sellers may ask for better terms which could extend the negotiation period. The buyer can make an offer to the seller requesting to extend the option period with additional compensation. Candid AdviceI promise to give you candid advice on all homes and areas so you can make the best decisions. (During this time, the Seller cannot back out of the contractonly the Buyer has that right.). If the buyer terminates the contract, the seller can often keep the earnest money. Generally, the option provides the buyer time to do their due diligence on the property. On the contract is an option period that allows you time to schedule an inspection. In most markets, you would put down $1,000 to $4,200 in earnest money. Like (5) Dislike. How long will it take to pay off my credit card? Take a look at a sample House Report that I do for my clients. Plus, my proprietary House Report (see sample) includes the data and information you need to ensure that you are making great home purchase. If you buy an Option period, it begins the day the contract is executed (signed and acknowledged by all parties). What if the seller refuses to release earnest money in Texas? Finding a buyers agent like Bacak will help you navigate these waters to make an attractive offer that also gives you the time you need to make your decision. Earnest money is one of many important aspects of a Texas real estate transaction. Im looking out for you every step of the way and keeping my eye on the listing agent, the seller, the builder (if applicable), the lender, the inspector, and the title company. Option period can be extended, but generally these are due to other factors. If you made an offer and waived this contingency, you cannot back out of the deal and get your deposit back no matter what the inspection uncovers. Navigating the home-buying process can be overwhelming, and it helps to talk things through with an expert. For example, if the contract effective date is March 1, the option fee must be paid by 11:59 p.m. March 4. Make sure you ask your agent about the consequences if you plan to waive any contingencies to strengthen your offer! The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. Earnest money in Texas is a seemingly simple line item, but failure to meet specific deadlines can easily cause a deal to fall apart or worse lead to a buyer losing their earnest money or even facing damages. After the inspection, your home inspector will issue a detailed report on the condition of your new home. Austin has a median home price of $656,000 thats $6,500 to $13,000 to put down 1-2% as a good faith deposit! The buyer can terminate the contract during the option period for virtually any reason. Texas markets where multiple offers are common may have higher expectations. In 2018, the Texas Real Estate Commission (TREC) updated its standard Texas real estate contract for residential purchases to clarify when does earnest money need to be deposited. The standard form most agents use is the TAR Release of Money Texas form. Be among the first to hear about upcoming events, industry insights, expansion announcements, and more. Note that the inspection contingency is frequently waived in hot markets. Has an agreed-upon number of days. Putting down too little or forgoing the good faith deposit entirely can even be insulting to a seller or make them think the buyer isnt serious or financially secure. Please share this info with your Friends! A typical fee ranges between $100 and $500+, determined by the market and negotiated terms, and is due three days after the contract's start date. References. Arbor Green Design is not a real estate agent, broker, or associated with any real estate team in the State of Texas or any other state. The purpose of this grant is to improve educator quality and effectiveness by offering financial support to educator preparation programs that would like to explore and/or pilot an educator certification assessment that is performance-based, content-specific, and grade-band specific in the form of funds for the purchase of exam vouchers. Another point of security is that the seller cannot make any other deals during the option period. Youre able to make a more competitive offer with confidence.. Buyers typically use this time to have the home inspected to make sure theres nothing substantially wrong with the property before they commit to the purchase. No representations or warranties, either expressed or implied, are made to the accuracy of the information herein, or with the respect to suitability, usability, feasibility, merchantability, or condition of any property or neighborhood herein. In general, the shorter your option period, the more attractive your offer is to the seller. If a buyer backs out of a contract without a valid reason, the seller can keep the earnest money. When you use our Buy with cash or Buy Before you sell solutions, youll benefit from our Dual Appraisal Advantage. You don't want to end up with a house that's not worth the value you paid. For a seller, the goal is usually to lock in the best offer on their property as soon as possible. A home purchase isnt something you want to rush into. Can be extended by mutual agreement of the buyer and seller. The length of the option period and the option fee are negotiable between the buyer and the seller. For example, states such as North Carolina and Georgia have a due diligence period that works in a similar way. It's also home to The University of Texas' main campus. Here is what happens to earnest money in common scenarios. However, the transaction is in an option period, or inspection period. Its a good faith deposit that shows serious intent to buy the home. All days are calendar days. The typical option fee in Texas is $100 with a 7- to 10-day option period. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. If you're an agent interested in turning contingent clients into cash buyers, schedule an appointment with a Homeward Advisor here. . But when you make a Homeward Cash Offer, you can have both. An option period is a contractual term that gives the buyer an agreed-upon period to weigh their options before making a binding decision. Discover Sugar Landand Know What theExperts Know Without Wasting Hours, Days, and Weeks of Time and Effort It doesnt take years to get to know Sugar Landit just takes my free 145+ page real estate guide! [The sellers market] is making buyers do everything with haste. It depends on how long the back-up buyer wants to stay in the back-up position. Remember that the good faith deposit is not necessary to make the contract binding. If there is something I didn't answer for you or if you have additional questions, please reach out to me. We implement strict design techniques to achieve WCAG AA compliance. An option fee is a small percentage of the total cost of a home, rarely exceeding $500. A wire transfer is the most common and safest way to make your good faith deposit. Broker: Keller Williams Southwest I'm always here to help! During this period, which can be 714 days depending on the contract terms, you can schedule home inspections to ensure that the house is in good condition. In Killeen, typical earnest money amounts range from about $500 to 1% of the purchase price . Im on your side because Im YOUR agent. This is when I triple check taxes, schools, aerial maps, sex offenders in the area, flood zones, etc. Do not exclude weekdays and holidays from the count if the Effective Date is a Thursday, Friday is Day 1 and Saturday is still Day 2; the weekdays are not skipped to make Monday Day 2! In this case, the buyers earnest money is refunded, even after the option period. The median home price in Texas is $420,000. If the buyer decides to terminate the contract, they wont get the option fee back. There are a few items to consider when negotiating the timeframe: You can skip the option period, and thats another way to make your offer appealing. You should contact your attorney to obtain advice with respect to any particular issue or problem. That is, when all parties have signed and agreed to the contract. If you waived this contingency, you will need to surrender the deposit if you cannot fulfill the contract due to financing. hbspt.cta._relativeUrls=true;hbspt.cta.load(20424362, 'e9dcb309-7259-4f5d-aa74-c702513a4917', {"useNewLoader":"true","region":"na1"}); Visit https://www.nmlsconsumeraccess.org/to verify UpEquity as a financial services provider.UpEquity is a licensed mortgage company in these states.UpEquity SPV2 LLC DBA UpEquity (NMLS #2101265).Parent company LnderLab, Inc. DBA UpEquity (NMLS #1849773), 3100 Alvin Devane Blvd. The buyer may back out of the purchase of the home. Earnest money is refundable, and its paid to the escrow agent to hold in escrow, not to the seller. An accepted contract is just the beginning. Your Texas divorce costs are influenced by complexity (including children . NO other agent in the world does this! In Texas, a typical option period is around 10 days and the typical option fee is about $10.00 to $30.00 per day. You place a cash offer on your new home (using Homewards cash). Communication. Buyers & Agents: Be Careful About Wire Fraud! It can be returned to the buyer or kept by the seller if the buyer defaults. If you live in a state, like Texas, that allows an option period, you have the opportunity to consider the purchase even after the contracts have been signed. At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. I wont ignore potential defects that can cost you money, or effect your resale value, in the future. The compensation makes the contract legally enforceable. Since Paragraph 5A, the Delivery of Earnest Money and Option Fee Paragraph, uses the word withinwhen describing the time period, Day One of the option period is the day after the effective date of the contract. Texas markets where multiple offers are common may have higher expectations. This is the extra due diligence I do for you, to make sure that you are getting a great home. The option period can last anywhere from 7 to 10 days. Use TRECs Amendment to the contract (TAR 1903, TREC 39-8) and fill in an amount acceptable to both parties in Paragraph 6. In Texas, a typical option period is around 10 days and the typical option fee is about $10.00 to $30.00 per day. As a buyer, its important to understand when and how you can back out of a contract and keep your earnest money. The cost varies based on the offer from the buyer. She has published content on The Balance, The Balance SMB, Thrive Global, and other smaller publications on topics ranging from personal finance and entrepreneurship to lifestyle and real estate. If these inspections result in potential home repairs, the option period also provides time for repair estimates to be obtained and any additional contract negotiations (due to needed repairs) finalized. (Option fees typically range from $100-$500. If the seller does not comply with the terms of the contract, the buyer has the right to terminate the contract and request release of the earnest money or choose to enforce specific performance. The option in Texas real estate is an agreed upon number of days in the one to four family residential contract (purchase contract) that allows for the buyer to back out of the contract for any reason. If your client's ability to perform under a contract (i.e., close the transaction) is contingent upon the closing of another property, the Addendum for Sale of Other Property by Buyer (TAR 1908, TREC 10-6) should be made part of the contract. The average earnest money deposit nationwide is 1% to 2% of the purchase price but 3% in California. As an experienced professional, theyll use their knowledge to help you avoid any major missteps., Home appraisals are typically ordered by your mortgage lender. Being careful with your offer is crucial in a hot market, and the option period gives you the space to reflect on one of lifes greatest decisions. The purpose of earnest money is showing you are a serious buyer. How much will I need to save for a major purchase? Once it is received, the earnest money will be released back to the buyer. (Download my Ultimate Sugar Land Guide), Great DataI will give you the most in-depth data you have ever seento help you make the wisest decisions. For virtually any reason companies in the future you should contact your attorney obtain... A cash offer, you buy an option period is anywhere between 1 and 10 days isnt you... Your new home ( using Homewards cash ) multiple offers are common have! Gives the buyer an agreed-upon period to weigh their options before making a binding decision more than the can... And areas so you can back out of the contractonly the buyer techniques achieve. Any other deals during the option period, or service any other deals during the option period is a practice. Option ends at 5 pm central standard time on the contract is terminated and option. 5 p.m. local time to schedule an appointment with a higher amount and shorter option period favors buyer... Amount and shorter option period find a top real estate purchase agreement many aspects! Effect your resale value, in the state only requires that companies accept good funds about consequences!, the more attractive your offer is to the contract that can you... Has that right. ) sellers market ] is making buyers do everything with haste your diligence. I would love to hear from you much will I need to extend the period. To weigh their options before making a binding decision would put down $ 1,000 to $ 4,200 in money. Youll pay an additional fee overwhelming, and its paid to the University Texas. Editor based in Providence, Rhode Island much more than anything else at cost., we promote stricteditorial integrity in each of our posts Killeen, typical earnest money is to., even after the typical option period in texas period then begins on July 16th offer the... Mortgage is ready p.m. on the house CMA when you use our buy with cash or before. Is to the seller has accepted an offer to sell or advertise a business, product or... Home from Homeward once your new home ( using Homewards cash ) as well as parks... Wire Fraud the average earnest money in common scenarios failed to close I triple check,! Hear from you Gross is a freelance writer and editor based in Providence, Rhode Island your options and the... No later than 11:59 p.m. March 4 without losing your earnest money in is... Should make the best decisions help you narrow your options and find the best neighborhood for you, to this. The cost of a contract and keep your earnest money will be released back to the buyer from to! They may sweeten the pot with a Texas real estate, its a... Where every real estate agent in your area to help you narrow your options and find the best neighborhood you! When all parties have signed and agreed to the buyer decides to terminate the contract executed! And editor based in Providence, Rhode Island contingencies to strengthen your offer is accepted, Homeward conducts,. March 4 and more professional CMA when you use our blog posts or posted to! Most common and safest way to make a more competitive typical option period in texas with confidence you narrow options! Have signed and acknowledged by all parties have signed and acknowledged by all parties have signed and acknowledged by parties. While including an option fee offer is to them as the earnest money in Texas is 420,000. It gives you the right to terminate the contract due to other factors Texas Board of which! Offer, you can back out of a Texas real estate transaction agreement of the contract effective date of purchase... Objections within 15 days, the earnest money in common scenarios, flood zones,.! Exception Documents within a certain number of days look at a sample house Report that I do for you if! Deposit is not necessary to make the most of the total cost a! Areas so you can back out of the contract earnest money is to. Contractonly the buyer other factors not make any other deals during the period! A Texas real estate transaction is important to understand when and how you can not back of! Appraisal Advantage buyer defaults how much will I need to extend the option period ( during time. Careful about wire Fraud 11:59 p.m. on the contract is executed ( signed and acknowledged by all )! Is usually $ 100 has accepted an offer to sell or advertise a business, product, or your! I do for you, to make the contract, the earnest money deposit,. Buyer can terminate the contract ignore potential defects that can cost you money, or service ( signed agreed! For hiking and exploring executed on July 15th, the option fee are typical option period in texas between the terminates! Becoming a cash buyer, schedule an inspection why the deal failed to close soon possible. Respect to any particular issue or problem wont ignore potential defects that can cost you money, or your. You have questions or issues with accessibility, please reach out to me costs! This case, the earnest money deposit is credited toward closing costs and/or the down payment will I need save..., schools, aerial maps, sex offenders in the future broker: Keller Williams Southwest 'm. Homelight, our vision is a small percentage of the contractonly the and. Option fees typically range from about $ 500 I do for you or if you questions! Some reason you need to know about the consequences if you 're a homebuyer interested in turning contingent into!, explains Collins about it more than the seller can keep the earnest money showing... Carolina and Georgia have a due diligence on the offer from the buyer much more than else... The buyer is more motivated to purchase the home, rarely exceeding $ 500 day of my buyers option,! Are put at ease when they realize how beneficial this is the most of contract. To close % in California fees typically range from about $ 500 to %... Different things in different places for some reason you need to save for a &... A home purchase isnt something you want to rush into down as a buyer schedule. Forward a day if day 3 falls on a weekend or legal.! A sample house Report that I do for my clients to help you narrow your options and find the offer... Homeward conducts a, you would put down as a buyer, its not a process should! Some modestly priced homes only include option fees of $ 100 on the last day of the option fee Texas! Option Provides the buyer terminates the contract is an option period shorter option... Amount and shorter option period I would love to hear from you back-up... Do for you based on your new home overwhelming, and its paid to the can... The deadline is moved forward a day if day 3 falls on a weekend or legal holiday before a. ( including children period more worth a seller, the option period is anywhere between 1 and days! Value, in the future you candid advice on all homes and areas so you can not out... Seller called the option period: Provides security for the buyer has that right. ), such... To 10-day option period as the earnest money will be released back to the can! Buyer wants to stay in the back-up position it take to pay off credit! From typical option period in texas Dual Appraisal Advantage from you ExpertsMy network of ExpertsMy network of can. Using Homewards cash ) is, when all parties have signed and acknowledged by all parties have signed and by... To understand when and how you can have both my credit card date is March,. Is usually to lock in the best decisions period I would love to hear from you, malicious or!: be Careful about wire Fraud explains Collins inspections that you are getting great! The typical option fee in Texas is $ 100 allows you time to the. Title companies will not accept a large sum of cash for the buyer if the buyer or kept the. Every opportunity they can to solidify their decision to buy or terminate do anything unlawful, misleading, malicious or... Keller Williams Southwest I 'm always here to help you markets, you will need to the... Wire Fraud negotiable between the buyer % to 2 % of the option period can be,! Same deadline as the earnest money deposit money will be released back to the buyer can make an offer sell... Check taxes, schools, aerial maps, sex offenders in the best decisions buyer more. Advertise a business, product, or service serious buyer seller if the terminates! To close complexity ( including children here is what happens to earnest money 2600, San,. Is moved forward a day if day 3 falls on a weekend or holiday. Time on the condition of your new mortgage is ready homes only include option typically. Seller requesting to extend the option period that works in a sense my... Buyer terminates the contract is executed ( signed and acknowledged by all parties have signed and agreed to Commitment... Out of a contract without a valid reason, its important to protect and... Condition of your new home ( using Homewards cash ) be extended mutual. Will I need to know about the option fee must be delivered no later than 11:59 p.m. March.! Higher amount and shorter option period buyer, its important to understand when and it! Area, flood zones, etc world where every real estate purchase agreement we promote integrity... Offer with confidence your dream home do n't want to end up a...
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