Your Spring Texas house is in contract that you are definitely sure of. What you’re not so clear on is why you do have a check for $100 from the buyers.
The $100 is for consideration. The buyers gave you $100 as nominal consideration for the unrestricted right to terminate the contract. You and the buyers agreed to give the buyers 10 days from the effective date of the contract to terminate the contract without penalty.
If the buyers terminate the contract within this 10 day option period, they will be refunded their earnest money. You will be left with $100 and a house that will return to an active status on the Spring Texas real estate market.
If the buyers do not terminate the contract during the option period, the transaction will proceed. If your house closes, the option fee will be credited back to the buyers on the closing disclosure.
Read also:
