Texas Option Agreement
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How to fill out Option Agreement?
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FAQ
The number of days and the amount of the option fee, like sales price and earnest money, are among those features negotiated between a seller and potential buyer in the sale contract; in Texas, option fees typically range from $100 to $200, while earnest money ranges from one to several thousand dollars.
(Option fees typically range from $100-$500. By paying this fee, you're purchasing the right to back out of the purchase for any reason during the option period. If for some reason you need to extend the option period, you'll pay an additional fee. You may dread the idea of an additional fee, but it's worth it.
If the due date for option falls on the weekend or a holiday the funds are still due on the original date and an extension is not provided for under the contract.
In Texas, the option period begins the day after the contracts are signed. The agreed-upon option fee must be paid by the third day of the option period. 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.
In Texas, the Option Period is typically between 1 and 10 days. The first day is the day after the purchase contract is signed by both parties. It ends at 5pm on the specified end date. In certain cases the buyer can negotiate with the seller to extend the Option Period.
How do lease options work in Texas? A lease-option agreement is a contract between a landlord and a tenant in which the renter agrees to buy the property at the end of a set period of time. The tenant pays an option fee up front, as well as a monthly amount that goes toward the down payment.
Inspections can still be performed after the option period lapses; however, if the buyer chooses to terminate the purchase based on the results of an untimely inspection, they may forfeit their earnest money or face adverse legal action by the seller.