●Real Estate Killeen Texas ● Fort Hood Real Estate ● Ft Hood Realty ● Killeen Home For Sale ● Killeen Texas Real Estate ● Killeen Texas Real Estate●
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Termination
Option - Option Period The “Termination Option” is of great importance to a Buyer. It gives the Buyer the opportunity to make a purchase offer and bind the Seller to the offer, while still allowing the Buyer the unrestricted right to terminate the contract without losing his/her earnest money. This period of time is negotiable but is generally about ten days. The “option” cannot be given without consideration. This means that it comes at cost to the Buyer. The amount of money is also negotiable between the Buyer and Seller and is delivered with the initial purchase offer. The amount is usually between $25 and $100.
During the option period the Buyer is encouraged to have a home inspection done and negotiate for repairs, apply for home owner’s insurance and have estimates done for decorating. If the Buyer decides to terminate the contract within the option period, the money paid for the option period is forfeited but the earnest money is returned to the Buyer. The Seller then can place the property back on the market.
If the Buyer decides to go ahead with the purchase of the property, the option fee is generally returned to the Buyer at closing, but you should refer to the contract for this option.
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Lisa Jay is a licensed Realtor in the State of Texas.
Member of the Fort Hood Area Association of Realtors®
Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company.
Equal Housing Opportunity. Each Office Is Independently Owned And Operated.
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