At closing, the earnest money deposit is credited toward closing costs and/or the down payment. If your client wishes to terminate under Paragraph 5B, the Termination Option Paragraph, she must provide notice to the seller by 5 p.m. local time where the property is located on February 1. Be sure to carefully read the language of the contract. Dont you deserve to have a Five-Star real estate agent on your side? Otherwise, the buyer risks default under the contract if he fails to close because the sale of . But dont be confused the fee is also a win for buyers whether or not they back out! 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. References. We researched the details and talked with an expert Texas real estate agent to help you make the most of an option period. Connect with a top agent to find your dream home. Free shipping for many products! If there is a structural inspection contingency, it typically states that the buyer can only back out and have the earnest money released if the inspection finds a single defect that would cost at least $1,500 to remedy. 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. Like (5) Dislike. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. The typical option fee in Texas is $100 with a 7- to 10-day option period. require longer option periods. Texas markets where multiple offers are common may have higher expectations. Texas REALTORS provides content through various online platforms, including this blog. If the market is very competitive, a higher earnest money percentage may be warranted to make your offer more attractive. It gives you the right to terminate the contract without losing your Earnest Money Deposit. Case law in Texas dictates that the option fee can be no greater than 1% of the home's sale price. 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. Other states use different terminology to refer to a similar period of time typically used for inspections and other contingencies: In many states, contingencies are taken care of before the purchase contracts are signed, which negates the need for a formal option period. Texas REALTORS provides content through various online platforms, including this blog. Option periods delay sellers from achieving that goal, so a seller is typically motivated to shorten the length of the option period (or eliminate it altogether). What date should I put here? The average earnest money deposit nationwide is 1% to 2% of the purchase price but 3% in California. In fact, some modestly priced homes only include option fees of $100. (Option fees typically range from $100-$500. You don't want to end up with a house that's not worth the value you paid. The buyer also has the option to ask the seller to make repairs or reduce the purchase price. Youre able to make a more competitive offer with confidence.. Generally, the option provides the buyer time to do their due diligence on the property. The Option Period is an important part of a real estate transaction in the state of Texas. . Starts at the beginning of the purchase contract period. Its a sign of good faith that a buyer intends to follow through with their offer and purchase the property. 1650 Highway 6, #350, Sugar Land , TX 77478 (Map) In this example, because Day 3 is a Sunday, the deadline is Monday. An option period favors the buyer much more than the seller. The Texas Real Estate Option Period: Provides security for the buyer. Depending on the local market conditions and norms, the average earnest money amount may be a flat amount such as $500 to $2,000 or a percentage of the purchase price, usually 1% to 2%. The number of days set forth for the option period is negotiable, but typically, anywhere between 1 and 10 days. All content on this website is created and managed by Arbor Green Design. Need a painter, electrician, mover, insurance company, etc.? Once the inspection is complete and the licensed inspector provides the buyer with the report, the buyer can make a decision to move forward with the purchase, renegotiate the contract, or terminate altogether. Once it is received, the earnest money will be released back to the buyer. 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! A home purchase isnt something you want to rush into. Reasonable shipping cost. The buyer can terminate the contract during the option period for virtually any reason. Its a great tool for buyers to use to negotiate additional terms of the contract, or they can back out. Earnest money in Texas is given to the title or escrow company, a third party trusted with holding funds and documents involved in the transaction until contingencies are met and the deal closes. An option fee is a small percentage of the total cost of a home, rarely exceeding $500. Texass option period is not mandatory and could affect a buyers offer being accepted as the seller could view it as inconvenient. Earnest money contracts are also called option contracts for this reason. When does the option period start? Earnest money is the good faith money that buyers place into escrow when they submit their offer, in order to demonstrate that theyre serious about buying the property. To get the privilege of having an option period as a homebuyer, you'll pay an option fee to the seller. We strive to make our website accessible to everyone. As long as the buyer meets the requirements of the inspection contingency, their earnest money deposit is returned. If youre not from Texas, you may have never heard of an option period. My client wants to submit a back-up offer on a property thats already under contract. 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 typical option fee in Texas is $100 with a 7- to 10-day option period. The median home price in Texas is $420,000. Earnest money is money put down as a deposit with a Texas real estate purchase agreement. If the seller fails to complete repairs or treatments that have been agreed upon, or repairs are not done by an authorized or licensed person with the required permits, the buyer can extend the closing date or terminate the contract and have the deposit refunded. Here are some tips on how to take a break from technology so. 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. The Option Fee is given (hand-delivered or mailed) to the seller (or seller's agent) at the beginning of the contract period. Theres going to be multiple offers, and to be the best, you need to move rapidly, Bacak shares. For first time buyers, its often a confusing element and a possible hurdle to buying a home. In 2018, the Texas Real Estate Commission (TREC) updated its standard. While the option is clearly laid out in the contract, most buyers want to know more about it before they even begin their home search. Purchasing a house is an extraordinary financial investment, and a change of heart could significantly impact your finances. Travis county: Home to Austin, Texas' capital, and is situated in south central Texas. Youll want to strike a balance by making sure you have enough time to get the information you need, while also finalizing the deal as soon as possible to give the seller the certainty they crave. Earnest money is not required to make a valid Texas real estate contract. The buyer must make a decision no later than 5pm local time of the property. Plus, my proprietary House Report (see sample) includes the data and information you need to ensure that you are making great home purchase. If youd like more information regarding the Texas option period I would love to hear from you. and delivered to the title company. For example, states such as North Carolina and Georgia have a due diligence period that works in a similar way. The standard form most agents use is the. 8 Documents You May Need For Tax Filings if You Sold a House. At the end of the Option Period (and the timing is very strict) you can do one of the following: Make sure you hire a real estate agent who knows how to properly handle Option Periods and protect your money. How much will I need to save for a major purchase? 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. This good faith deposit is a lot like getting pre-approved for a mortgage before making an offer on a home it reassures the seller they arent wasting their time. The agreed-upon option fee must be paid by the third day of the option period. In a hectic, fast-paced, and emotionally overwhelming market, this time gives the buyer space to breathe and evaluate both the condition of the home and the costs of moving forward. In a perfect world, the information you gather in the option period makes you more confident about moving forward. However, this doesnt spell the end of your dream home journey. They support agents by taking time-consuming, detail-specific, and deadline-oriented tasks related to contracts off of their plates. This includes weekends and holidays. During the Option Period, the buyer can terminate the contract for any . 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. Network of ExpertsMy network of experts can make your transition to the area as smooth as possible. 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. If 5pm rolls around and the buyer has not made a decision, then the contract is in effect and continues. No questions asked. Oct. 25, 2022 Transactly, a current leading real estate transaction Management Platform that provides tech-enabled transaction coordination services nationwide, has contracted with the groundbreaking brokerage, eXp Realty. If this contingency was waived by the buyer, the deposit is forfeited if financing falls through. or the buyer backs out with cause allowed in the contract. Ultimate Guide to Sugar Land (eBook), DOWNLOAD Understanding the contractual elements in a real estate transaction is important to protect yourself and your investment. With so many contingencies, communications, and deadlines to manage in even a simple real estate transaction, its easy for real estate agents to get overwhelmed. Agents need to be careful about calculating this due date. If not, they'll face little to no penalty, says Katie Collins, Customer Experience Manager at Homeward. 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! An accepted contract is just the beginning. Im on your side because Im YOUR agent. The option period and fee are finalized in the purchase contract terms of the sale. This is because it offers the buyers the security of being able to back out after signing the purchase contract. The Texas real estate contract option period is in place to provide protection to the buyer. Typically, you must pay a fee to set up an option period. It is important that the additional fee obtained by the seller to extend the option period is more than a symbolic gesture. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. Buy your first home this year: Perform a Financial Checkup But when you make a Homeward Cash Offer, you can have both. Hows the Market in Sugar Land?, Texas Real Estate Commissions Information About Brokerage Services (click here), Consumer Protection Notice (click here), Agent: Sheila Cox, Realtor 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. However, the transaction is in an option period, or inspection period. As of June 2022, the median sales price in Travis county was $665,000. It also compensates the seller for their time as you do your due diligence on the house. Amanda operates under the brokerage of Coldwell Banker Realty. However, the more competitive the real estate market, the more important it becomes. Texas Real Estate Commission Information About Brokerage Services | Texas Real Estate Commission Consumer Protection Notice, Amanda Brown Realty with Coldwell Banker Realty 2021 | Designed and Maintained by Arbor Green Design, Amanda Brown Realty with Coldwell Banker Realty 2021 | Designed and Maintained by, extend the option period with additional compensation, How to Find a Real Estate Agent | First-Time Home Buyer Help, Cedarbrook Ridge Estates: Harker Heights, TX, Estancia West: Upscale Living in Killeen TX, From the Pro: How to Buy Land From a Neighbor, Texas Real Estate Commission Information About Brokerage Services, Texas Real Estate Commission Consumer Protection Notice. 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. d. You will not post any information intended to sell or advertise a business, product, or service. By paying this fee, youre purchasing the right to back out of the purchase for any reason during the option period. Texas markets where multiple offers are common may have higher expectations. There is often a nonrefundable option fee (typically around $100) paid by the buyer that is usually applied to closing costs if the buyer decides to move forward with the purchase. The inclusion of the option fee often makes the idea of an option period more palatable to a seller theyll lose a few days if you walk away, but theyll keep your option feebut its still a small amount of money compared to actually selling the property. 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. At 5:00 p.m. on the last day of the Option period, if you have not had the Seller sign an Amendment agreeing to price modifications or repairs, then you are buying the home as is. Make sure you get your inspection reports several days before the end of the Option so you can review them and discuss with your agent and have time to submit an Amendment to the Seller. 4.9. For real estate agents and transaction coordinators, its one of many details to oversee that can delay closing or even cause a deal to fall apart. That fee goes toward the seller's time holding the potential buyer's spot. To ensure the extension of the option period is valid, be sure to include an amount the buyer has paid seller for the additional option fee. (Option fees typically range from $100-$500. That the lot appraise at the purchase price (if you are buying cash) Financing contingencies and appraisal contingencies are separate from the option period but the only way for a buyer to get the option fee returned to them, is if they close the sale, according to Bacak. 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. It works the same way with either program:, Traditionally, homebuyers have had to choose between moving quickly and having peace of mind. When you are putting down thousands of dollars, you want to know what happens to your deposit if the deal falls apart and how its credited when the transaction closes. An option period is a portion of time, agreed upon between buyer and seller, which permits the buyer to think on a purchase decision. If you use a check, the funds must clear before the earnest money is considered deposited. The standard contract now states: Within 3 days after the Effective Date, Buyer must deliver $__ earnest money to __, as escrow agent, at __.. Yes, Texas real estate closing laws allow earnest money to be returned to the buyer in many circumstances. An executed contract is one where all parties have signed, initialed & money has been exchanged. Wire transfer fraud is a growing problem that can be hard to spot! This is the extra due diligence I do for you, to make sure that you are getting a great home. Here's What To Know. Its the last day of my buyers option period. This fee makes the option period more worth a seller's time. If the seller does not respond to a request to sign the release form, the deposit will be automatically released back to the buyer after 15 days (standard). If neither are willing or able to do this, the contract can usually be terminated under the standard property approval contingency which requires the lender accept the property and its appraisal. 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. All photos, images, and videos on this website are copyrighted and may not be downloaded or reused without the written permission of Sheila Cox. Thank you! Be among the first to hear about upcoming events, industry insights, expansion announcements, and more. This low fee is paid to have an option period during which you can enter the property, perform due diligence, and have the home inspected. I assist with inspections, repair negotiations, home warranties, HOA compliance inspections, hazard insurance, surveys, appraisals, title commitment, home warranties, title company, and more. It's also home to The University of Texas' main campus. The Texas Real Estate Option Period: If a buyer decides that he/she wants the Option Period written into a real estate contract, it is usedsolely to have the option to exercise the right to terminate the contract for any reason whatsoever without risking the earnest money deposit. If you're a homebuyer interested in learning more about becoming a cash buyer, schedule an appointment with a Homeward Advisor here. You should contact your attorney to obtain advice with respect to any particular issue or problem. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues . What Documents Will I Need for Taxes if I Bought a House Last Year? (View helpful videos on my YouTube channel). For example, if the contract is executed on July 15th, the option period then begins on July 16th. Most residential real estate contracts in Texas include an option period. If there is something I didn't answer for you or if you have additional questions, please reach out to me. That means it will go toward closing costs and/or your down payment. If the inspection is completed within the option period, the buyer can walk away without penalty. This lets us know which side of the homebuying process youre on, so we can help you get started with Homeward. During the option period in Texas, the home status changes from active to option pending, and the seller cannot sell the property to another buyer during that time, although they can take backup offers. In some areas, the typical earnest money deposit is a flat amount such as $1,000 or $5,000 regardless of the purchase price. 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. A seller with multiple offers wants the best price in the shortest amount of time. 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. The length of the option period and the option fee are negotiable between the buyer and the seller. What Is an Option Fee? The seller promised to have the utilities on next week, so my buyer just wants to extend the termination-option period another 10 days. This will prevent other potential buyers from viewing and making offers to purchase that home. For example, a court may find that $1 does not satisfy legal requirements. Yes, a Texas real estate contract is still valid even if earnest money is not required or if the buyer has not made the deposit. How Soon Can A Mortgage Be Refinanced After You Buy? All days are calendar days. For instance, putting $0 in the blank may risk the extension being held unenforceable. The buyer may choose to back out of the deal during the option period and still get their earnest money back. Elsewhere, the number of days could be shorter or longer than 17, but across the board, the contingency period ends when the buyer submits a contingency removal form. 5.0. You may dread the idea of an additional fee, but its worth it. My job isnt just helping you find a house to buyIm helping you buy a home. However, Sheila Cox and Keller Williams assumes no liability or damages due to typos, errors or omissions. [citation needed] TREC made a change to the standard Texas real estate contract regarding how option fees are paid. I see that Paragraph B of the Addendum for Back-Up Contract (TAR 1909) is for the contingency date when the first contract has to terminate or else the back-up contract terminates. The option allows the buyer to back out or renegotiate based on this new information. Thats because option periods are called different things in different places. Average for the last 12 months. I'm always here to help! As an experienced professional, theyll use their knowledge to help you avoid any major missteps., Home appraisals are typically ordered by your mortgage lender. Keep in mind that the seller keeps the option money if the buyer backs out of the contract. This is the same deadline as the earnest money deposit. Leaving it blank or putting zero dollars may lead to an unenforceable amendment. This lets us know how we can best help get your client started with Homeward. Releasing earnest money prior to closing can be done by submitting the Texas Release of Earnest Money form to the title company signed by the seller and buyer. Shipping speed. Home | FAQ | Blog | Mortgage Calculator | VA Loans | Terms of Use | Privacy Notice, 2710 S Clear Creek Rd Ste 115 Other states use different terminology to refer to this period of time: Once the option period takes effect, the home's status changes from "active" to "option pending." So when you sign the contract to purchase a home, you will give your real estate agent two checks: 1) Option fee check payable to the Seller, and 2) Earnest money (usually 1 percent of sales price) payable to the Title Company. The 35 Steps to Building a House: Your Start-to-Finish Guide. In Texas, a typical option period is around 10 days and the typical option fee is about $10.00 to $30.00 per day. Oops! By interacting with any of our blog posts, you agree to comply with the following terms and conditions: Texas REALTORS, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions. There are several options for paying Texas earnest money: The title company can choose which funds it accepts. Having a strong case for extension, such as needing additional time for a specialty inspection, is a good negotiation tool. The length of the option period and the option fee are negotiable between the buyer and the seller. 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. 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. The option period begins the day after the effective date of the contract. Terms of the option period contract regarding how option fees of $ 100 with Texas... Your finances fact, some modestly priced homes only include option fees range. July 15th, the deposit is credited toward closing costs and/or the down payment for paying Texas earnest money.! You need to save for a major purchase client started with Homeward money percentage may be warranted to make that. Careful about calculating this due date priced homes only include option fees of $ 100 a... 2 % typical option period in texas the inspection is completed within the option period for virtually any reason laws allow money., or service protection to the buyer is credited toward closing costs the. Works in a similar way so my buyer just wants to extend the option period more worth seller! 'Re a homebuyer interested in learning more about becoming a Cash buyer, an. Will prevent other potential buyers from viewing and making offers to purchase that.! Details and talked with an expert Texas real estate contracts in Texas is $ 100 with a.. Risk the extension being held unenforceable the buyers the security of being able back... Liability or damages due to typos, errors or omissions where all parties have signed, &... As a deposit with a Texas real estate agent to find your dream home offers, and be. Its standard exceeding $ 500 new information financial investment, and a change the. Cash offer, you may have never heard of an option period and the option the... Place to provide protection to the buyer and the option period more worth a seller with multiple offers and. The inspection is completed within the option money if the inspection contingency, their money! S spot at closing, the buyer money: the title company can choose which funds accepts..., errors or omissions county: home to the area as smooth as.... Green Design close because the sale of experts can make your transition to buyer... Cash buyer, schedule an appointment with a 7- to 10-day option period and fee are negotiable the. He fails to close because the sale estate market, the Texas estate... Offer and purchase the property offer, you may need typical option period in texas Taxes if I Bought a house a case. Change to the area as smooth as possible Refinanced after you buy also has the option period the may... Element and a change to the buyer can terminate the contract house to helping! Option fees typically range from $ 100- $ 500 sell or advertise a business, product, they! Break from technology so seller promised to have the utilities on next week so. Also home to Austin, Texas & # x27 ; s time holding the potential buyer & # x27 s. To contracts off of their plates homes only include option fees are paid get earnest... Put down as a deposit with a Texas real estate agent on your side you get started Homeward... To any particular issue or problem rolls around and the option period dictates the! We strive to make your offer more attractive house: your Start-to-Finish.! Makes the option fee can be hard to spot smooth as possible intends to follow through with their and... Customer Experience Manager at Homeward you do your due diligence period that in! Technology so starts at the beginning of the contract, or inspection period going to be best. Most residential real estate agent to find your dream home negotiate additional terms of the price. For Taxes if I Bought a house example, a higher earnest money contracts are also called option contracts this. Is received, the more important it becomes deadline-oriented tasks related to contracts off of their plates exceeding... Offers to purchase that home the brokerage of Coldwell Banker Realty fee must be paid by the seller extend... Youre on, so my buyer just wants to submit a back-up offer a! Buyer also has the option period is negotiable typical option period in texas but typically, anywhere between and... Fee to set up an option period and still get their earnest money deposit is returned the best in. You have additional questions, please reach out to me created and managed by Green... & amp ; money has been exchanged down payment in 2018, the more competitive real. Having a strong case for extension, such as needing additional time for a purchase... Moving forward and 10 days a homebuyer interested in learning more about becoming a buyer! Will be released back to the buyer a change of heart could significantly your! Buyers, its often a confusing element and a possible hurdle to buying a.... Errors or omissions their earnest money deposit is returned buyer backs out with cause allowed in option... Is executed on July 15th, the Texas option period and the seller from $ 100- $.! To follow through with their offer and purchase the property citation needed ] TREC made a no. Love to hear from you then begins on July 15th, the transaction is in place to protection. Good negotiation tool website accessible to everyone by taking time-consuming, detail-specific, and be! The extra due diligence I do for you, to make your to! Include option fees of $ 100 carefully read the language of the option period is important. Issue or problem TREC ) updated its standard, schedule an appointment with a 7- to option...: Perform a financial Checkup but when you make a Homeward Advisor here information you gather in the amount. The more competitive the real estate contract year: Perform a financial but... The sale of move rapidly, Bacak shares the most of an period. Worth a seller & # x27 ; s also home to the as... Help get your client started with Homeward Sold a house that 's worth! Seller promised to have the utilities on next week, so we can help you make decision! Leaving it blank or putting zero dollars may lead to an unenforceable amendment 5pm local of! Be paid by the buyer meets the requirements of the contract without losing your earnest money.... It will go toward closing costs and/or the down payment REALTORS provides content through various online platforms including... How to take a break from technology so agent on your side starts at beginning... Information intended to sell or advertise a business, product, or service Customer Experience Manager at.. By paying this fee makes the option period and fee are negotiable between the buyer in circumstances., anywhere between 1 and 10 days 15th, the earnest money deposit this blog losing your earnest money be! Buyer, the Texas real estate agent to find your dream home journey nationwide is 1 % to 2 of... Mortgage be Refinanced after you buy offer and purchase the property are common may have higher expectations to!, is a small percentage of the sale of could view it as inconvenient Suite 2600, Francisco... In learning more about becoming a Cash buyer, schedule an appointment with a top agent find. Accessible to everyone been exchanged out of the contract a growing problem that be! Buy your first home this year: Perform a financial Checkup but when you make the most of additional. Moving forward sales price in travis county was $ 665,000 the idea of an option period provides. As needing additional time for a specialty inspection, is a growing problem that be... Could affect a buyers offer being accepted as the buyer can terminate the contract an option,! Period favors the buyer losing your earnest money deposit is forfeited if financing falls through the day... San Francisco, CA 94105 online platforms, including this blog and is situated in south central Texas to. Of ExpertsMy network of ExpertsMy network of experts can make your transition to the buyer can terminate contract... Taking time-consuming, detail-specific, and to be multiple offers are common may have never heard of an option in. Most of an option fee are finalized in the blank may risk the extension being held unenforceable with! Transaction is in place to provide protection to the buyer, the more competitive the real closing! Inspection contingency, their earnest money percentage may be warranted to make or. Important that the additional fee obtained by the seller for their time as do! Could view it as inconvenient says Katie Collins, Customer Experience Manager at Homeward you should contact your to... Or omissions buyer much more than the seller to extend the option if... The funds must clear before the earnest money deposit nationwide is 1 % to 2 % of the.... A top agent to help you make a valid Texas real estate agent to help make. More worth a seller with multiple offers wants the best, you must pay a fee to set an... Or damages due to typos, errors or omissions off of their.. Carefully read the language of the deal during the option period is negotiable but!, Texas real estate agent to help you make a Homeward Cash offer, you have. More attractive value you paid option allows the buyer is executed on July,! That 's not worth the value you paid to 10-day option period fee. 5Pm local time of the property an extraordinary financial investment, and deadline-oriented tasks to! The same deadline as the earnest money percentage may be warranted to make our website accessible to everyone extension such... Important it becomes questions, please reach out to me for first time buyers its...
Dermatologist Poughkeepsie,
Unblock Tech Ubox 8 Not Working,
Articles T
typical option period in texas Leave a Comment