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.
Jill Wente is an all-around excellent realtor. We had an excellent experience and results with her assistance in... read moreJill Wente is an all-around excellent realtor. We had an excellent experience and results with her assistance in selling and purchasing our home. She has detailed knowledge of the communities she works in. Jill assisted with ideas on how to prepare the home for sale. She put in all the time, effort and recommendations needed to help us purchase the ideal new home. She accompanied us throughout the entire process. Her negotiation skills aided us in obtaining more money for our home sale and in lowering the amount for the purchase of another. read less