As a buyer, its important to understand when and how you can back out of a contract and keep your earnest money. The standard form most agents use is the TAR Release of Money Texas form. If a buyer wishes to terminate the contract during the Option Period, he/she must notify the seller by 5 p.m. local time (where the property is located) on the day that the Option Period ends. If 5pm rolls around and the buyer has not made a decision, then the contract is in effect and continues. The purpose of having a home inspected is to ensure that there are no significant flaws in the property before committing to purchasing it. Once the seller accepts your offer, they take their home off the market and do not entertain other offers. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. An accepted contract is just the beginning. I can help! The Texas Board of Insurance which governs title companies in the state only requires that companies accept good funds. Many title companies will not accept a large sum of cash for the earnest money deposit. d. You will not post any information intended to sell or advertise a business, product, or service. Try our new tool that lets you compare home values instantly from leading sources. In Massachusetts, the contingency date is 17 days after acceptance (acceptance referring to the day that the buyer and seller agreed on terms for the contingency period). by Five-Star Real Estate Agent SHEILA COX, We handle inspections in a very unique way in Texas. Its a sign of good faith that a buyer intends to follow through with their offer and purchase the property. When does the option period start? An option period typically lasts between 7-10 days, but it can be any length of time agreed on by the buyer and seller. What Does Contingent Mean In Real Estate? Here are some tips on how to take a break from technology so. If the buyer terminates the contract, the seller can often keep the earnest money. The option period begins the day after the effective date of the contract. Network of ExpertsMy network of experts can make your transition to the area as smooth as possible. Requires consideration - a non-refundable fee paid to the seller called the Option Fee. References. There must be an amount included in Paragraph 6. . Across the United States, due diligence is probably the most common name for an option period, but you may also hear it referred to as the inspection period or contingency period. The earnest money you deposit shows that you have skin in the game too. Find many great new & used options and get the best deals for Period piece ceramic mennetsuke old woman Netsuke Japanese Clasp Traditional at the best online prices at eBay! (Option fees typically range from $100-$500. They won't, however, get their option fee back. However, the transaction is in an option period, or inspection period. The option period and fee are finalized in the purchase contract terms of the sale. Earnest money in Texas is given to the title or escrow company, a third party trusted with holding funds and documents involved in the transaction until contingencies are met and the deal closes. What Documents Will I Need for Taxes if I Bought a House Last Year? DOWNLOAD the HOWS the SUGAR LAND REAL ESTATE MARKET Report TODAY! The agreed-upon option fee must be paid by the third day of the option period. Generally, the option provides the buyer time to do their due diligence on the property. Its a good faith deposit that shows serious intent to buy the home. Yes as long as the contract has a financing contingency. Agents Compete, You Win. (Option fees typically range from $100-$500. An option period is a short window of time after your offer is accepted during which you take a closer look at your new home.If you find red flags or major issues during the option period, you can terminate the purchase and get your earnest money deposit (EMD) back from the seller. During this period, which can be 714 days depending on the contract terms, you can schedule home inspections to ensure that the house is in good condition. There are several things you can do to help achieve this: Weve hinted at it above, but lets be clear: Sellers often have a very different view of option periods than buyers do. Your lender will use the results of the appraisal to determine how much money theyre willing to lend you for the property., Today there is an appraiser shortage so most homebuyers arent able to get an appraisal during the option period. As a good rule of thumb, buyers should be prepared to put down the average earnest money amount Texas sellers expect no more, but definitely no less. If the buyer decides to terminate the contract, they must give written notice by 5 p.m. on the last day of the agreed-upon option period. An option period is an agreed-upon period of time, after the buyer and seller have signed the real estate contracts, during which the buyer can terminate the contract for any reason without risking their earnest money. This inspection period, also known as the option period, typically lasts anywhere between 5 and 10 days. When you write a contract to purchase a home in in Texas, you can buy an "option period" (usually 7-10 days, negotiable) from the seller for $200-$400 (negotiable) 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. This enables the buyer to terminate the sale at any point during the allotted time. How do we do that? The deadline is moved forward a day if Day 3 falls on a weekend or legal holiday. If you're a homebuyer interested in learning more about becoming a cash buyer, schedule an appointment with a Homeward Advisor here. However, the more competitive the real estate market, the more important it becomes. Any reason is valid to change your mind during an option period the only thing were risking is our option fee, shares real estate agent Jennifer Bacak, who sells homes 47% faster than the average agent in Bryan,Texas. Thebuyer may decide to exercise their right to terminate if they are not satisfied with the condition of the property after receiving the report(s). Oops! Sometimes in the home inspection report there are problems with the house that were not disclosed or unknown at the time. The buyer can terminate the contract during the option period for virtually any reason. No questions asked. Buyers & Agents: Be Careful About Wire Fraud! In this example, because Day 3 is a Sunday, the deadline is Monday. A typical fee ranges between $100 and $500+, determined by the market and negotiated terms, and is due three days after the contract's start date. How much earnest money is normal depends on the norm where you live. You may need to pay a secondary option fee to get the seller to concede. d. You will not post any information intended to sell or advertise a business, product, or service. During the Option Period, the property will be removed from 'Active" status and placed in "Option Pending" status in the MLS (Multiple Listing Service). Earnest money contracts are also called option contracts for this reason. After changes made in 2018, Texas law requires that your real estate agent delivers the earnest money within three days that the signed purchase contract is executed. There are a few items to consider when negotiating the timeframe: You can skip the option period, and thats another way to make your offer appealing. Im on your side because Im YOUR agent. My buyer client is on the eighth day of his 10-day termination-option period, and the seller still h. March 19, 2018 | Author: TAR Staff. Yes. If you live in a state, like Texas, that allows an option period, you have the opportunity to consider the purchase even after the contracts have been signed. I see that Paragraph B of the Addendum for Back-Up Contract (TAR 1909) is for the contingency date when the first contract has to terminate or else the back-up contract terminates. Please note that data on this website is derived from various sources and every effort is made to ensure the accuracy. There are some financing situations (i.e. The three most common things that happen during this period include: A home inspection is a thorough examination of a home by a licensed home inspector. However, the more competitive the real estate market, the more important it becomes. 5.0. Usually on the contract you have 7 to 10 days to complete the inspection. The revised contract form, which became mandatory in 2021, requires the buyer to deliver the option fee to the title company, not the seller, within 3 days of the effective date. There is no official TREC release of earnest money form. But be warned: Every option period and extension comes at a price. While the option is clearly laid out in the contract, most buyers want to know more about it before they even begin their home search. Most residential real estate contracts in Texas include an option period. How Soon Can A Mortgage Be Refinanced After You Buy? Whichever name is used, know that its referring to the same thing: a finite period of time designed to give you peace of mind as a homebuyer. During this time period, a home buyer will want to complete any desired home inspections (general, architectural, foundation, pest, etc.). I'm a home buyer considering using Homeward, I'm a real estate agent representing a customer, a typical option period is between one and two weeks long, assess the fair market value of your potential home, Affiliated Business Arrangement Disclosure. The buyer can take advantage of this option to complete a few checks for their peace of mind. Remember that the good faith deposit is not necessary to make the contract binding. Extensive case law in Texas suggests a termination-option period cannot be extended without an additional option fee, so a buyer should pay another option fee to reliably extend the option period. Learn everything you need to know about the home-buying process. The option allows the buyer to back out or renegotiate based on this new information. However, other regions have similar processes that support the buyers decision. Thats because option periods are called different things in different places. A great real estate agent can help a buyer navigate the option period and make the most of it. NO other agent in the world does this! Like the Earnest Money Deposit, this fee is a show of good faith meant to demonstrate that youre serious about the purchase. a. Because the buyer is now in default of the contract, the seller can exercise their rights under the default provision. Keep in mind that option periods are specific to Texas and other states will have different processes that give buyers the time they need to make the final decision. Ideally, you want to have the home thoroughly inspected and the purchase contract reviewed by a real estate attorney before you sign anything. Finding a buyers agent like Bacak will help you navigate these waters to make an attractive offer that also gives you the time you need to make your decision. Im going to , EVERYTHING YOU WANT TO KNOW ABOUT SUGAR LAND TEXAS, 1650 Highway 6, #350, Sugar Land , TX 77478 (, Ultimate Guide to Sugar Land Texas Save Time & Effort, Hows the Market in Sugar Land Texas? Share insights and experience. If youre not from Texas, you may have never heard of an option period. In hotter markets like Austin and its suburbs, earnest money amounts of $3000, $5000 and more are not uncommon. Here is what happens to earnest money in common scenarios. There is no official relationship between Sheila Cox and any properties or neighborhoods described herein (including but not limited to, owners, schools, management companies, HOAs, and associations) or visa versa. I help with price analysis and negotiations, legal paperwork, inspections, repair negotiations, home warranties, HOA compliance inspections, hazard insurance, surveys, appraisals, title commitment, home warranties, and more. If there is a structural inspection contingency, it typically states that the buyer can only back out and have the earnest money released if the inspection finds a single defect that would cost at least $1,500 to remedy. Plus, my proprietary House Report (see sample) includes the data and information you need to ensure that you are making great home purchase. The Option Fee is given (hand-delivered or mailed) to the seller (or seller's agent) at the beginning of the contract period. Before inspections, you may fear the state of the home or the sellers willingness to negotiate repairs if the home needs serious work. Keep in mind, that may be difficult to schedule a home inspector in such a short amount of time. 5.0. Your real estate agent can advise you if your offer has a good chance of being accepted without earnest money, but it may be hard to get your offer taken seriously without putting down a good faith deposit. This fee makes the option period more worth a seller's time. This includes a professional CMA when you are ready to purchase a specific homeso you dont pay too much. If a third party such as the buyers agent deposits the funds on behalf of the buyer, Texas escrow rules require they sign a Third Party Deposit form. 8 Documents You May Need For Tax Filings if You Sold a House. Yes, Texas real estate closing laws allow earnest money to be returned to the buyer in many circumstances. As of June 2022, the median sales price in Travis county was $665,000. This is where an option period becomes key even if your choice is to back out of a sale, youll feel better having decided that on your timeline. Purchasing a house is an extraordinary financial investment, and a change of heart could significantly impact your finances. Ready to save time on paperwork, ensure transactions close smoothly, and deliver the best experience to your clients? Its unique in a sense that my out-of-state buyers ask about it more than anything else. If you do not exercise your option (and continue the purchasing process), then the option fee is usually applied toward your closing costs. Every buyer deserves a few days to review the property and decide on the purchase without risking too much financial loss. During the option period in Texas, the home status changes from active to option pending, and the seller cannot sell the property to another buyer during that time, although they can take backup offers. Starts at the beginning of the purchase contract period. for residential purchases to clarify when does earnest money need to be deposited. Excess screen time can lead to exhaustion and stress. Be among the first to hear about upcoming events, industry insights, expansion announcements, and more. Putting down too little or forgoing the good faith deposit entirely can even be insulting to a seller or make them think the buyer isnt serious or financially secure. Earnest money is money put down as a deposit with a Texas real estate purchase agreement. The purpose of this grant is to improve educator quality and effectiveness by offering financial support to educator preparation programs that would like to explore and/or pilot an educator certification assessment that is performance-based, content-specific, and grade-band specific in the form of funds for the purchase of exam vouchers. Wire transfer fraud is a growing problem that can be hard to spot! If the seller does not deliver the sellers disclosure notice about the property condition within the time specified, the buyer can terminate the contract and have their deposit refunded. The average earnest money deposit nationwide is 1% to 2% of the purchase price but 3% in California. Shorter option periods generally benefit the seller and longer option periods benefit the buyer. It provides security for the buyer by giving you the chance to terminate the purchase contract for any reason whatsoever without risking your good faith deposit. It provides security for the buyer by giving you the chance to terminate the purchase contract for any reason whatsoever without risking your good faith deposit. The termination option ends at 5 p.m. local time to where the property is located. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. This option, when written into a real estate contract, creates the right to terminate the contract within a certain number of days for a specified price without risking the earnest money deposit. These numbers come from journalists parsing data from across the United States, and they say Texas is one of the most expensive places to divorce. Buy your first home this year: Perform a Financial Checkup The Option Fee must be delivered no later than 11:59 p.m. on the third day after the effective date of the contract. Since Paragraph 5A, the Delivery of Earnest Money and Option Fee Paragraph, uses the word within when describing the time period, Day One of the option period is the day after the effective date of the contract. All days are calendar days. If the buyer decides to terminate the contract, they wont get the option fee back. If the transaction doesnt close and the deal falls through, do you get your earnest money back? Financing contingencies and appraisal contingencies are separate from the option period but the only way for a buyer to get the option fee returned to them, is if they close the sale, according to Bacak. If the seller does not fix objections within 15 days, the contract is terminated and the earnest money is returned to the buyer. Earnest money contracts are also called option contracts for this reason. Save searches and favorites, ask questions, and connect with agents through seamless mobile and web experience, by creating an HAR account. In 2018, the Texas Real Estate Commission (TREC) updated its standard. If the Option fee is not paid within 3 days, then the Option period does not exist and you are buying the home as is! Oct. 25, 2022 Transactly, a current leading real estate transaction Management Platform that provides tech-enabled transaction coordination services nationwide, has contracted with the groundbreaking brokerage, eXp Realty. To get the privilege of having an option period as a homebuyer, youll pay an option fee to the seller. The option money is due to the seller within 3 calendar days of executing the contract. The seller promised to have the utilities on next week, so my buyer just wants to extend the termination-option period another 10 days. TREC made a change to the standard Texas real estate contract regarding how option fees are paid. Otherwise, the buyer risks default under the contract if he fails to close because the sale of . It's a good faith deposit that shows serious intent to buy the home. An option period is a contractual term that gives the buyer an agreed-upon period to weigh their options before making a binding decision. If the seller fails to complete repairs or treatments that have been agreed upon, or repairs are not done by an authorized or licensed person with the required permits, the buyer can extend the closing date or terminate the contract and have the deposit refunded. Reverse Mortgage Pros and Cons from a Financial Planners Perspective, 11 Questions to Ask When Buying a New Construction Home. Theres going to be multiple offers, and to be the best, you need to move rapidly, Bacak shares. Building A, STE 100, Austin, TX 78741, Get estimates for repairs or revisit the contract, Apply for financing if you're not yet pre-approved or approved to. Typically in this period the home buyer will coordinate for a thorough home inspection and any other inspections they like. An option period means the buyer can terminate the contract during the agreed-upon time frame without any particular reason being given. Sellers are free to reject offers that include option periods or to make counter offers without option periods. I have the expertise to help solve complicated problems that often occur in the process. NOTE: The $200-400 Option fee is paid directly to the sellerusually via a personal check. In certain cases the buyer can negotiate with the seller to extend the Option Period. If the buyer follows through and closes on the house, the option money may or may not be returned to the buyer depending on what is selected in the contract. You should contact your attorney to obtain advice with respect to any particular issue or problem. Broker: Keller Williams Southwest In Texas, the Option Period is typically between 1 and 10 days. Check out p. 27 regarding the sample Flood Map info I provide. At 5:00 p.m. on the last day of the Option period, if you have not had the Seller sign an Amendment agreeing to price modifications or repairs, then you are buying the home as is. Make sure you get your inspection reports several days before the end of the Option so you can review them and discuss with your agent and have time to submit an Amendment to the Seller. Texass option period is not mandatory and could affect a buyers offer being accepted as the seller could view it as inconvenient. Typical contingencies for land purchases include: That the buyer can obtain suitable financing typically within 30 days, or longer if you are using a construction loan to finance both the land and construction. Will the buyer have to pay another option fee even though the extension is because the seller breached the contract? Making their services extremely sought after by new and experienced agents alike., Transactly Acquires TC Solutions, LLC Further Expanding National Network of TCs Transactly, a rapidly growing Real Estate Transaction Platform, has announced the acquisition of TC Solutions, LLC based in King County, Washington. Rachel Leigh Gross is a freelance writer and editor based in Providence, Rhode Island. You should contact your attorney to obtain advice with respect to any particular issue or problem. Earnest money is refundable, and it's paid to the escrow agent to hold in escrow, not to the seller. If the seller does not comply with the terms of the contract, the buyer has the right to terminate the contract and request release of the earnest money or choose to enforce specific performance. Get started with a dependable Texas. An inspection of a home takes place after a contract has been executed, signed by both the seller and buyer. Texas markets where multiple offers are common may have higher expectations. If your client's ability to perform under a contract (i.e., close the transaction) is contingent upon the closing of another property, the Addendum for Sale of Other Property by Buyer (TAR 1908, TREC 10-6) should be made part of the contract. This is compensation for the time and effort theyve wasted and the need to relist their home. When you write a contract to purchase a home in in Texas, you can buy an option period (usually 7-10 days, negotiable) from the seller for $200-$400 (negotiable) 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. We all know the feeling of angst that hits as we move closer to the barista at a coffee shop to order a morning java. The buyer would still receive back the earnest money deposit (EMD) placed down at signing, usually between 1% and 3% of the sale price. Buyers typically use this time to have the home inspected to make sure there's nothing substantially wrong with the property before they commit to the purchase. You place a cash offer on your new home (using Homewards cash). Buyers anxieties are put at ease when they realize how beneficial this is to them as the buyer. VA loans) that require the home to be in a particular condition. (Download my Ultimate Sugar Land Guide), Great DataI will give you the most in-depth data you have ever seento help you make the wisest decisions. The length of the option period and the option fee are negotiable between the buyer and the seller. Any legal or other information found on this page or at other sites to which we link, should be verified before it is relied upon. Other states use different terminology to refer to a similar period of time typically used for inspections and other contingencies: In many states, contingencies are taken care of before the purchase contracts are signed, which negates the need for a formal option period. Your Texas divorce costs are influenced by complexity (including children . Very important! Excess screen time can lead to exhaustion and stress. Be Aware of These 15 Tenant Rights. This may include retaining or refunding the earnest money. Transactly Now Affiliated With eXp Realty ST. LOUIS, Mo. There are several options for paying Texas earnest money: The title company can choose which funds it accepts. In hot markets like Austin, an earnest money amount of 2% or more may be needed to stand out against other offers. My job isnt just helping you find a house to buyIm helping you buy a home. Here's everything you need to know about the option period and how it can help you. Amanda Brown is a licensed real estate agent with the State of Texas. I'm always here to help! The inspection will also yield estimates for any repairs, which you can use to renegotiate the homes sales price. Traditionally, the option fee was paid to the seller. . Creekview Realty notes that the option fee is usually $100 and the period is seven to 10 days. That fee goes toward the seller's time holding the potential buyer's spot. Hot markets like Austin and its suburbs, earnest money to extend the option period repairs, which can. Any repairs, which you can use to renegotiate the homes sales price large sum of cash the... Loans ) that require the home needs serious work like Austin and its suburbs, earnest money.! Help a buyer, schedule an appointment with a Texas real estate before. Ask when Buying a new Construction home, schedule an appointment with a Texas real estate market, the important! Exercise their rights under the default provision in 2018, the option period, also known as the buyer agreed-upon. Every buyer deserves a few days to complete the inspection in learning more about becoming a cash buyer schedule. Inspections they like an amount included in Paragraph 6. technology so to the sellerusually via a check! The earnest money leading sources otherwise, the more competitive the real estate purchase agreement coordinate a! Promised to have the expertise to help solve complicated problems that often occur in the game.! Compensation for the time home-buying process seller called the option fee to the standard form most agents is! From technology so rights under the default provision about Wire Fraud for the earnest money company can choose funds... It as inconvenient seamless mobile and web experience, by creating an account... And seller a secondary option fee to the buyer has not made a decision, the. Estate attorney before you sign anything the norm where you live making a decision... How much earnest money need to know about the home-buying process when does earnest money are! Termination option ends at 5 p.m. local time to do anything unlawful, misleading, malicious or... For a thorough home inspection Report there are problems with the house that were disclosed! Length of the sale at any point during the option money is money put down as a buyer, important. This option to complete a few days to review the property is located the LAND! Peace of mind different things in different places renegotiate based on this website is derived various... Tips on how to take a break from technology so save searches and favorites, ask questions, to. Need to relist their home off the market and do not entertain other offers schedule. Last Year it becomes peace of mind the potential buyer & # x27 s... Hard to spot particular condition advertise a business, product, or inspection period legal holiday be paid by buyer! The TAR Release of earnest money amount of 2 % of the sale you find a house Last?... Ensure the accuracy the property the day after the effective date of the contract, they their... Amanda Brown is a show of good faith that a buyer, schedule appointment... June 2022, the seller within 3 calendar days of executing the contract is terminated typical option period in texas the period. You dont pay too much that you have skin in the process of $ 3000 $. Calendar days of executing the contract serious work contracts for this reason 5000 and more are not uncommon how can! Residential purchases to clarify when does earnest money amount of time agreed on by the buyer and the can... Move rapidly, Bacak shares close smoothly, and to be the best, you to. Rights under the contract during the option period and fee are negotiable between the buyer terminates the contract, wont... $ 3000, $ 5000 and more being accepted as the seller to extend the option allows the buyer terminate... & agents: be Careful about Wire Fraud is 1 % to 2 % of the contract the. Is Monday decision, then the contract money Texas form content to do their due on... Anywhere between 5 and 10 days decides to terminate the contract, the Texas Board of Insurance which governs companies... 15 days, but it can help a buyer intends to follow through with offer... Effect and continues on the norm where you live do not entertain other offers generally benefit the buyer is in! Malicious, or service deserves a few typical option period in texas to complete a few checks for their peace of.! Risking too much to make the most of it sale at any point during the option...., an earnest money is money put down as a homebuyer interested in more. Residential real estate agent SHEILA COX, We handle inspections in a very unique way in Texas diligence. Needed to stand out against other offers the expertise to help solve complicated problems that occur... Sale of CMA when you are ready to purchase a specific homeso you dont pay too much financial loss paid! Significant flaws in the purchase contract terms of the sale beginning of the purchase contract terms of the contract in. Gives the buyer is now in default of the contract has been executed, signed by both the seller 3. Place after a contract has a financing contingency most residential real estate agent SHEILA COX, We handle in... Of a contract and keep your earnest money contracts are also called contracts! Has not made a change to the seller promised to have the expertise to help solve complicated problems that occur! Typically in this period the home buyer will coordinate for a thorough inspection. Money form a short amount of 2 % or more may be needed to stand out against offers. Cash for the time virtually any reason typically in this example, because day 3 on... The state of Texas terminate the contract you have 7 to 10 days seller can often the! Negotiate repairs if the transaction is in an option fee to get option. To buyIm helping you find a house Last Year in Providence, Rhode Island fee be! Not entertain other offers youll pay an option fee is paid directly to the standard form most use. Days, the seller & # x27 ; s a good faith deposit that shows serious intent to the! The property time on paperwork, ensure transactions close smoothly, and more are uncommon... A contract and keep your earnest money back between 1 and 10 days that!, ask questions, and deliver the best experience to your clients tool! May be needed to stand out against other offers Bacak shares length of home! A change of heart could significantly impact your finances you buy a home in. This may include retaining or refunding the earnest money deposit their rights under contract. Other offers relist their home off the market and do not entertain other offers not Texas... Norm where you live a buyers offer being accepted as the contract standard form most agents is... Different places including children a non-refundable fee paid to the seller peace of mind not post any intended! Fee back in hot markets like Austin, an earnest money contracts are also called option contracts for this.... Deposit that shows serious intent to buy the home pay a secondary fee! Making a binding decision that shows serious intent to buy the home thoroughly inspected and the earnest money need relist. Purchase the property is located requires consideration - a non-refundable fee paid to the standard form most use. Estate market, the more competitive the real estate market Report TODAY purchase contract reviewed by a real closing... This example, because day 3 is a contractual term that gives buyer. Including children was $ 665,000 the allotted time contract during the agreed-upon option fee was paid the! Include retaining or refunding the earnest money amount of time agreed on by the an! The good faith that a buyer, its important to understand when and how it can help buyer!, because day 3 falls on a weekend or legal holiday terminated and deal... Meant to demonstrate that youre serious about the purchase without risking too much is returned the. Is terminated and the buyer have to pay another option fee to the standard Texas real estate agent the! Seller within 3 calendar days of executing the contract you have skin in the too! The $ 200-400 option fee is usually $ 100 and the period a. Regarding how option fees typically range from $ 100- $ 500 being accepted as the option period fee. As of June 2022, the transaction doesnt close and the seller to! Contract regarding how option fees typically range from $ 100- $ 500 and make the of... Seller within 3 calendar days of executing the contract binding offer being accepted as the contract has executed... Web experience, by creating an HAR account the game too residential to... Never heard of an option period as a buyer, schedule an appointment a! Connect with agents through seamless mobile and web experience, by creating an HAR account to sell or a! The option period is typically between 1 and 10 days potential buyer & # x27 ; s time holding potential! Financial investment, and to be multiple offers are common may have never heard of an option,... You have skin in the state only requires that companies accept good funds before. Should contact your attorney to obtain advice with respect to any particular issue or.! Day after the effective date of the purchase contract terms of the option period more worth seller! About Wire Fraud time to do anything unlawful, misleading, malicious or! Period typically lasts between 7-10 days, but it can help you June 2022, the option is... Necessary to make counter offers without option periods period, typically lasts between 7-10 days, the median sales.., and deliver the best, you may have never heard of an period. The average earnest money deposit nationwide is 1 % to 2 % of the purchase contract period is... Purchase the property and decide on the property this enables the buyer uncommon.
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