Option Period and Fees in Texas Real Estate

In Texas, you can buy an “option period” (usually 10 days) from the seller for $200-$300 that gives you the irrevocable privilege to back out of the sales contract for any reason, and still receive your 1 percent earnest money back. (During this time, the Seller cannot back out of the contract…only the Buyer has that  right.)

This gives you time to have the home thoroughly inspected and find any defects that you cannot live with. It also allows time to negotiate repairs with the Seller. At the end of the Option Period (and the timing is very strict) you can do one of the following:

• If you “exercise” your option (and decline purchasing the home), then you lose your option fee, but you get your earnest money back.

—Or—

• If you do not exercise your option (and continue the purchasing process), then the option fee is usually applied toward your closing costs.

Make sure you hire a real estate agent who knows how to properly handle Option Periods and protect your money.

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Buying & Selling Real Estate Is a Huge Investment
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Sheila is the author of KatyHomesForSaleTX.com – so you know that she knows the area! Winner of Five Star award every year since 2010.

             

 

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REALTORS DON’T “JUST” SELL HOUSES Real estate agents don’t “just” sell houses; we sell a SERVICE to effectively guide home buyers and sellers through the entire real estate transaction, which usually takes several months. We are more like real estate consultants than we are salespeople. That’s probably why 88 percent of all home buyers and sellers choose to hire a real estate agent when buying or selling a home! Buying or selling a home is not like buying or selling a TV, a computer, or a car. You can’t buy/sell a home on the Internet with a couple of clicks. There are MANY legal aspects, deadlines, and requirements that most people are not trained to handle. What’s more…mistakes along the way can cost you thousands and even hundreds of thousands of dollars. The financial risk is much greater than just about anything else you may buy. That’s why you need your own dedicated, experienced real estate agent looking out for YOUR best interests. Please read the list of my value-added services for home buyers

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Sheila Cox, Five Star REALTOR Five Star Realtor

Award-winning REALTOR, Sheila Cox specializes in helping Katy, TX home buyers and seller navigate the local real estate market with confidence. With 15+ years of experience and deep knowledge of neighborhoods like Cinco Ranch, Seven Meadows, and Cross Creek Ranch, she provides expert guidance backed by real data and local insight. Winning the Five Star Real Estate Agent award every years since 2010, Sheila has accomplished what only 1 percent of Realtors can boast. She also provides training guides and courses to other Realtors via Agent Success Builder.

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