Here’s what an option period is and why it’s important for buyers.

We receive these two questions quite often: What is an option period, and why is it important? 

In Texas, when written into a real estate contract, the option period creates the right to terminate the contract within a certain number of days for a specified amount of money. You can hire an inspector, negotiate repairs, or if you found a home that suits you better, you can walk away from the deal. The seller keeps the option fee if you choose to walk away. However, if you move forward with the deal, that money gets credited back to you at closing.

The option period is a win-win for the buyer. It gives you time to reassess all aspects of the house and the contract. Let us know via phone or email if you have further questions concerning option periods or any other real estate matters. We would love to be your #1 real estate resource.