What is an option fee in the One To Four Family Residential Contract (Resale)?
Must the buyer pay this fee? ? First-Time Homebuyer Dear First-Time Homebuyer: The option fee in a Texas residential contract is a fee paid by the buyer directly to the seller in exchange for the unconditional right to terminate the contract within the option period. The option period normally begins on the effective date of the contract and ends on the date specified in the option paragraph of the contract. A buyer is not required to purchase this option. However, if the buyer does, it enables the buyer to terminate should any major problems occur during the option period. For example, suppose the seller is unwilling to make repairs called for by the inspector hired by the buyer. The buyer, in this example, is not willing to go through with the sale unless the repairs are made. The unconditional right to terminate the contract within the option period would be the perfect solution. Dear George: I’m buying a home. The survey shows that my neighbor’s fence was built so that it is locate
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- What is an option fee in the One To Four Family Residential Contract (Resale)?
