The Option Period – a defined length of time usually 7 to 10 calendar days from the effective date of the contract. The buyer pays the sellers a nominal fee usually $100 – $250 for the Option Period and in exchange the seller gives the buyer an unrestricted right to terminate the contract during the Option Period.
The buyer has the unrestricted right to terminate the contract that means you can terminate the contract for any reason. In fact, you don’t even have to have a reason for termination. You will sign a notice of termination form that your buyer’s agent will deliver to the listing agent and its done. You are no longer under any obligation to purchase the home and you can move on to finding a different Spring Texas home.
If you terminate the contract, the fee you paid the seller for the Option Period will NOT be refunded. But the GOOD NEWS is your Earnest Money will be refunded.
Tasks to be performed during the Option Period –
If you have missed one of the previous steps in our first time home buyers series, you can find them through the links below:
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