Do you have to pay an additional option fee to extend the option period?
Your inspector said the A/C isn’t cooling so you want to have the A/C evaluated by a HVAC technician. The problem is your option period ends today and you can’t get an HVAC technician out to the property today. So you and the sellers have agreed to extend the option period by 2 days.
Do you have to pay an additional option fee to extend the option period?
Yes. In order for a residential real estate contract to be enforceable in Texas, the buyer must provide something of value as consideration to the seller.
If the reason the option period has to be extended was not the buyer’s fault, does the buyer still have to pay to extend the option period?
Unfortunately, the answer is yes. It doesn’t matter if the reason for the extension of the option period is because your dog ate the inspection report or the sellers were not responsive. If you want an option period, you must pay for it. The only good news is that the fee for the extension of the option period does not have to be the same amount as the initial fee.
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