What is an option period in real estate?

ARLINGTON, Texas - July 7, 2015 - PRLog -- Ask Gail – the real estate expert!

Q: What is an option period in real estate?

A: In the state of Texas, a standard contract for buying a home contains a clause for an ‘option period’. An option period is the specified time period that a buyer has to terminate the contract, for any reason. In Texas, the option period comes at the very beginning of the purchase contract period and most commonly lasts for 10 days (however the number of days is negotiable between the buyer and seller). When you write your offer on a house, your real estate agent include the option period terms. The option period money is non-refundable and must be received by the seller within 48 hours of the start of the contract (once the seller accepts your contract), and is usually in the form of a personal check. The buyers will get this non-refundable option period money credited to them at closing if they do not back out of the contract. The option period may be extended, if agreed upon by both buyer and seller; but the buyer should be prepared to pay an additional option period extension fee.

The option period in Texas real estate is beneficial to both the buyer and seller – the seller receives time for: inspection, estimates for repairs, looking at other homes, etc. without being locked into the house for good; and the seller receives only serious buyers who put down money to show their level of interest and intent on buying.

For all your real estate needs, contact DFW metroplex realtor, Gail Burdine!

Cell: 817.929.8921
Email: gailburdine@att.net
Facebook: https://www.facebook.com/GailBurdineRealtor
Instagram: gailburdine_kwrealty