The option period provided for in the Texas residential contract is a negotiable item that gives the buyer the unrestricted right to terminate the contract. It is not required for the parties to have one, but it is common practice here in San Antonio (and is a wise choice for the buyer). Found in Paragraph 23 of the One to Four Family Residential Contract (Resale), it is a relatively simple part of the contract that wields a lot of power. Care has to be taken to follow the timelines closely as missing this one, could be potentially costly to the buyer. As of January 1, 2016, the language in this paragraph has changed and it’s worth taking a fresh look at what is in there.
Paragraph 23. Termination Option
23. TERMINATION OPTION: For nominal consideration, the receipt of which is hereby acknowledged by Seller, and Buyer’s agreement to pay Seller $______ (Option Fee) within 3 days after the effective date of this contract, Seller grants Buyer the unrestricted right to terminate this contract by giving notice of termination to Seller within ___ days after the effective date of this contract (Option Period). Notices under this paragraph must be given by 5:00 p.m. (local time where the Property is located) by the date specified. If no dollar amount is stated as the Option Fee or if Buyer fails to pay the Option Fee to Seller within the time prescribed, this paragraph will not be a part of this contract and Buyer shall not have the unrestricted right to terminate this contract. If Buyer gives notice of termination within the time prescribed, the Option Fee will not be refunded; however, any earnest money will be refunded to Buyer. The Option Fee will will not be credited to the Sales Price at closing. Time is of the essence for this paragraph and strict compliance with the time for performance is required.
This paragraph asks four basic questions – is there an option period, how much is the buyer paying to have one, how many days does it last, and will that money be credited back to the buyer at closing. If the fields in this paragraph are left blank, there will be no option period. The option period is typically used by the buyer as a timeframe in which they can get inspections done and go back to the seller to negotiate repairs. If the buyer and seller come to an agreement on those items, they can sign an amendment to the contract reflecting those changes, but if they cannot come to an agreement, the buyer would have a way to terminate the contract and not lose their earnest money. The buyer would then forfeit their option fee, which the seller would keep. Not being able to come to terms on repairs is not the only reason the buyer could terminate during the option period however. It gives the buyer the unrestricted right to terminate the contract, which means that the buyer doesn’t need a reason to terminate within that timeline, they just have to state they want to terminate (and there are forms with which to do that). The amount of money (option fee) and the length of time (option period) are negotiable items between the parties to the contract. The final question is whether the money will be credited back at closing – typically we see that it “will” be credited. In other words, if the buyer does not terminate the contract, the amount of the option fee is credited to them at the closing table as if they already paid that amount towards the price of the home.
The bolded sentence at the end is quite important…time is of the essence. That phrase is used often in real estate and it simply means that if you don’t meet a deadline, there are consequences. In this case, there are two very important deadlines. The first, is the paying of the option fee. This fee must be paid to the seller within three days of the effective date of the contract (which is written on the contract when all parties sign off on it – just below Paragraph 24 and just above the signature line). If it is not paid within those three days, the option period becomes null and void and does not apply to the contract anymore (as stated in the text of the paragraph). It is important that this is noted as we have seen instances where the option period was removed from the contract because of this.
The other critical timeline, and this has changed on the new contracts as of January 1, 2016, is the timeline for notification of termination. This timeline is negotiable and is filled into the blank in the paragraph – basically, the paragraph states that the buyer will pay x amount of money for an option period of x days. The amount of days is critical as it is tied to the effective date of the contract we mentioned previously, but unlike most timelines, the option period now expires at 5pm (based on the local time of where the property is located). Previously, it expired at 11:59pm (like most contract items). Now, the buyer must either terminate the contract by 5pm or they are considered to be moving on with the contract and no longer have the unrestricted right to terminate the contract. Basically, they just lost their easiest way out of the contract should they decide to not purchase the home.
The new timeline for the expiration of the option period is very critical and it prevents some issues that were occurring with the later time of 11:59pm. It allows for any critical negotiations to occur at a more reasonable time for all parties involved, including the agents who often had to try to work out a deal right down to the wire! The option period is a very useful tool for the buyer and allows the seller some compensation if a buyer does decide to terminate the contract within the option period timeframe. There are times when an option period might not be wanted, longer time periods asked for, or larger option fees are warranted, and we advise you to discuss the different options and methods with your agent to achieve the results you’re after.
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HELLO, I HAVE A QUESTION. AS THE BUYER
1) IF WHEN I SIGNED THE CONTRACT THE DATE AND MONEY WAS LEFT BLANK … IS THAT A POSSIBLE COUNTER?
2) AFTER THE CONTRACT WAS EXECUTED AND NO OPTION MONEY (100) OR EARNEST MONEY (1000) WAS EVER PAID. WHAT MONEY IS OWED TO SELLER IF ANY? THE CANCELLATION HAS BEEN ASKED AND OPTION MONEY. THE SELLER ADVISED ME THERE IS NO OPTION PERIOD AND I HAVE READ ABOUT IT BUT IN LAYMAN’S TERMS … WHAT DOES THAT MEAN FOR ME? WHAT DO I OWE?
Hi Lynne – there are a lot of specifics of your contract that you would want to speak to your agent about, but the simple answers based on the info provided would be 1) not sure which date and money you’re speaking of, if you mean in the Paragraph about the option period (Paragraph 23), if those are left blank there is no option period and 2) with the option fee, if it is not turned over to the seller or listing agent within 3 days, there is no option period and the buyer loses the unrestricted right to terminate the contract. Of course both of these answers are based on using a TREC promulgated 1-4 Family Residential Contract and that the contract has not been modified in any way (by a lawyer for instance). If someone uses a different contract (some builders use their own for example), then it would be dependent on that contract and the wording within it. As always, if it’s getting down to things like termination, you want to consult with a lawyer as the contract has many varying consequences depending upon specific items written in or modified within.
I am now buying a new home; should I consider the termination option? The realtor who represents the builder stated that it is not necessary. She is proposing to add an ‘Exhibit A’ to the ‘New Home Contract’ to include any repairs that the builder will commit after our inspection is done. I would appreciate your advice on this. Thanks.
Tony – you’ll want to check your contract. Many new home builders use their own contracts and each one can be vastly different. Some builders don’t use what we call the “option period” but also have what is called an inspection period, which functions much the same (you’ll see this a lot on foreclosures as well – banks hate the option period, but then give the exact same thing under a different name). If the builder is signing off on the repairs, it may make sense to do it this way. Basically during the option period, we would agree on a list of repairs that would be amended to the contract, but they wouldn’t necessarily be completed before the option period expires (and rarely are). I would ask your agent, although with the way you phrased things, I’m thinking you may not have one representing you. I’d recommend these two articles: “Should I Work With a Realtor When Building a New Home?” and “Building or Buying a New Home? Use a Real Estate Agent“
Realtor representing a friend of mine had her sign a Trec 1-4 residential with an option termination fee of $58,000 . They did not close and the money was sent to the buyer. Realtor was not present at his office when they asked her to initial and sign contract. Anything that she can do?
That’s an awfully large amount of money for an option fee – could it have been earnest money that you’re talking about? (There are times when option fees are large, but we don’t see them all that often.) The earnest money could have been at play if a buyer failed to close or terminated the contract. The presence of the Realtor isn’t necessarily a requirement to initial and sign, but it sounds like there is some concern over what happened. We would advise that your friend call their Realtor and ask for an explanation of what happened and why. If there are concerns about earnest money and who gets it (whether returned to buyer or the seller now receives it), they may also call the title company for some insight. If there is an issue and it seems like there might be reason to contest things, it would be advisable to seek out the advice of a real estate attorney.
Does the buyer have to provide the seller a copy of a home inspection report? If so, how quickly do they need to do so?
Anne – We have no legal requirement to provide the inspection report to the seller here in Texas. Many agents will provide parts of it that reference the items requested in their repair amendment or sometimes provide the whole thing, but there is nothing that says a buyer has to provide it (and in some cases, we’ve even seen where the buyer will release it, but only if the seller is willing to pay for it – you will sometimes see this is situations where there is a contentious termination of the contract going on).
I am the seller. Buyers agent did not get option ck to our agemt within the 3 days of execution of contract. Do we have right to terminate contract? We are in day 18 of 20 in option period.
In Texas, if the option fee is not delivered in the allotted time, there is no option period. This however would change the buyers’ potential to terminate, but does not give the seller the right to terminate. I would discuss with your agent and find out what your course of action is from there.
As a home seller in Illinois, what would be a reasonable option fee to a builder on a property valued between $450,000 and $525,000?
We are licensed in the state of Texas, not Illinois, so we’re not really sure of local customs and what would be considered reasonable. Talk to a local agent and see what they think. Some states don’t have option periods or call them something else. Some are automatic, some have to be paid for. Many builders don’t use option periods here in Texas, but their contracts do provide an inspection period in which the buyer can terminate the contract with no penalty.
If you’re building a new home, we recommend the use of a real estate agent no matter what state you’re in. Protect yourself and get an advocate on your side to help you answer questions like this and guide you through the process and fight for you when needed.
Hello, when does the 3 day period start and end for HOA/subdivision addendum? If a buyer receives HOA documents at 7am on Tuesday, when does the 3 day period (option for termination) end, is it Friday 5pm or 11.59pm or some other time?
Thanks.
Timelines are based off of calendar days, not time. So if a document is delivered early in the day or late in the day, the next day would still be day one for either. A good way to think of it is to look at a calendar and start on the day the document is delivered – that is day zero. Next day is one, next is two, and so on. It’s part of the reason why the option period timeline was changed to 5pm (local to the home) – timelines were always to 11:59pm previously and negotiating those option periods at the very last minute was common and didn’t always have good results. We knew an agent that was in the middle of negotiations on the last day of an option period and they were going back and forth with the other agent who suddenly stopped replying. The agent was worried because of the time crunch and wound up sending over a termination when the agent didn’t respond. The next day, the other agent called and said they were sorry, they had fallen asleep. Not exactly what you want to hear when there is a critical timeline looming.
what should get completed during the option period? I’m a new Realtor in Texas, I am helping two buyers into a home and we’ve gotten a pest and home inspections (not required,) and we also are waiting for the appraisal. Thier option period will end in 4 days. on the 17th, but the appraisal wont have a report finished until approx. July 26th. Should I be extending the option period?
In a perfect world, the appraisal would come quickly, but the reality is they often come in close to the end of the process. Knowing the lender and being able to understand their processes and timelines is helpful. We often see appraisals ordered after the option period. The appraisal is a cost to the buyer and they’re not cheap, so it’s often a good idea to make sure the other parts of the contract are satisfied and things are moving forward before the lender commits the buyer to that cost. From a listing perspective of course, you’d rather see the appraisal done on day one so you can get it out of the way and progress forward without having loose ends that might give the buyer the ability to terminate the contract. Remember, in FHA and VA loans, the appraisal requirement is written into the Third Party Financing addendum, so the property must appraise for the sales price or the buyer may terminate and keep their earnest money (there are other options as well – buyer can pay the difference, seller and buyer can negotiate the price to come down to the appraised value, or some mix of the two).
Help! My option period is about to expire in 3 days and 2 days ago, I realized that I never received a receipt for my option fee from the seller . I contacted my agent to inquire about my receipt. The next day, I get a receipt from the sellers agent with today’s date. That date is incorrect. i asked my agent for date to be corrected to reflect the date when money was actually received, but it’s already the next day and I’m going to terminate contract with seller. Can they use the incorrect date to keep my Earnest Money, even though they received option fee the next day after contract was executed?
Here in Texas, we have to turn over the option fee to the seller/listing agent within 3 days when using the TREC One to Four Family Residential Contract (Resale). Failure to deliver that option fee eliminates the buyer’s right to an option period and the unrestricted right to terminate. Your situation sounds a bit more complicated as the receipt is the issue, not the actual delivery. In a case like that, it would probably come down to some legal wrangling over what the intent was, so it might be best to speak with a lawyer or try and work it out with the other party.
Question, I am a seller. We have been under contract since July 24, 2017. Option period was up on Monday July 31, 2017. Buyers agent submitted an amendment at 9:00 am Monday morning, however, my husband and I did not agree to anything the buyer was asking for and returned the amendment unsigned. We have not heard anything back from the buyers agent since. When asking my agent were we are on this, he stated that they had submitted the amendment in the proper timing and he was negotiating the things asked for. Since we are truly out of the option period, do we have to agree to signing any amendment that comes to us? We are scheduled to close on August 24th and we are not willing to fix or make any changes at this point.
Assuming you’re here in Texas (I assume it is similar in other states, but do not know their specifics), the amendment is not effective until signed (in this case by you) and the effective date filled in. Without that, the amendment is just a piece of paper. Often, when we find ourselves up against the clock with the option period, we find ourselves making the difficult decision of whether to send over a termination or not. If the amendment has repairs that the sellers are not agreeing to and they are important to the buyer, the buyer needs to face that decision and decide whether to terminate or not. An extension of the option period is also possible, but again, that would need to be put in writing (Section (6) of the TAR Amendment form), signed off on, and executed.
We paid an option fee of $1000 and did not exercise the option to terminate, so the funds were to be credited at closing. However,prior to closing, the house suffered a casualty loss, the contract was terminated, and earnest money refunded. To whom does the option fee belong?
That’s a great question. The TREC 1-4 Family Residential contract only specifically mentions the buyer being able to receive their earnest money back in the event of termination for casualty loss (and there are specific details to that). The option fee is paid for the right to terminate, not for the actual termination, so we would probably refer to an attorney to help us if a situation like this arose to help guide us to the right answers.
I’m a seller, the buyer is an investor that buy houses “As Is”. We signed an agreement of a specific amount we agreed upon also on the agreement Paragraph 7D (2) was checked and left blanked. A week before our closing the buyer decides to call and renegotiate the amount. We had not heard from the buyer all within their option period of 30 days which expired 5 days before we got the call. Can they terminate the contract, if we do not agree with the new amount. Their excuse was that they had a lose due the Hurricane Harvey and cannot go forward with the set amount. They also said if we agree they will draw up an amended contract and they might have a buyer that might be interested. What will happen on our end if their buyer is not interested, will the investor back out of the amended contract as well. What rights do we have?
Alice – it sounds like there a lot of moving parts to this question and it would be best to seek the advice of your agent and possibly an attorney.
I want to terminate my contract. My option period ends today but I cannot get ahold of my realtor. How do I terminate it before the deadline.
We would recommend calling the broker if you couldn’t get a hold of your agent with a looming deadline like that.
This is my first Condo offer. Condo docs are not available. Counter offer asked that seller have 15 days to get those docs. So we asked for a 15 day say option period instead of 10 or to have option period start once we get docs and willing to drop it to 7 days. Listing agent hasn’t responded so my question is how long does it usually take to get HOA docs? My client concern was that she lost money on inspection and appraisal before because lender declined loan after getting HOA docs. Any advise on this situation would help. I was thinking maybe hold off on inspection and appraisal but are condo docs usually a part of option period?
The length of time they take varies from place to place. Give the condo association a call and see if you can find out how long they expect them to take and then base your timelines from that information. HOA docs (and condo docs) can be a difficult thing because they involve third parties who feel no need to rush (without charging an arm and a leg for it).
We signed the contract on Friday morning. The buyer sent the option fee to the Title Company and it arrived on Monday. We first heard about it on Tuesday when we had our realtor ask them what had happened to the option fee. Am I right in thinking that the option period does not apply as the first time we got our hands on the option fee is day 4? We have a buyer with an FHA loan and they want a lot of repairs done that are not FHA required. My thinking is that we can turn everything down and they cannot back out as they have no option period. We’re willing to work with them to a point and won’t turn everything down just because it was late, but we know they are thinking about pulling out anyway and I want to know where we stand regarding the earnest money.
Definitely something you want to ask your agent about. The option fee paragraph (if using promulgated TREC forms) is written pretty clearly when it comes to timelines, delivery, and outcome (it has evolved quite a bit over the years because there were some gaps in the info and just about every time they release a new contract form they tighten up the language a bit more). As we teach our agents in the office – look to the contract, more often than not it has the answers written into it.
And i able to negotiate the sale price on the option period? the seller already said that she can’t do any repairs, but my agent said then we can ask for the seller to lower the sale price. Is that true? I don’t believe my agent please advise
. Also my agent said the offer the sale price but we can’t lower it on the option period.
Please advise
The option period allows for a time period in which the buyer can terminate for any reason – so it is typically used as leverage to negotiate repairs. This could include changes in sales price or other terms in order to come to an agreement. Of course, the seller could also elect to hold firm and refuse to negotiate any terms and let the buyer to terminate – at which point they could go back on market or accept another offer.
I signed a contract and gave the option fee (money order) to my agent to give to the seller. He delivered it to the seller’s home and left it where she said to leave it. I ultimately decided not to continue with the purchase of the home. Yesterday I questioned my realtor on when I was supposed to get a refund of my earnest money since it’s been about a month since I signed the release form. Now (a month after me backing out of the deal) the seller is saying she didn’t receive the option fee and won’t sign off on the release of my earnest money b/c “they lost an opportunity on another solid buyer”. The seller said they are willing to split the earnest money. I feel like this is an integrity issue and the seller is upset b/c they lost out on an opportunity (the house is still on the market and they recently dropped the price by $20,000 after a couple pending sales). If someone told me they left money for me somewhere and I can’t find it, I’m going to call them and ask where it is. Also if I’m the seller and someone does not pay the option fee in time why would I offer to give back any of the earnest money? My question is how can I get all my money back?
I had a buyer we got an offer excepted the next day my client had the inspector come check out the house. The inspection was horrible so my client wanted to back out. The same day she was suppose to drop off the funds (option fee, and Ernest money).. I did get the seller to sign off on backing out of the contract however they are asking about the option fee.. Well my buyer is now ghosting me.. ?? Do I need to pay this, just to avoid any head aches..
If it is a TREC One to Four Family contract, the buyer has to pay the option fee or there is no option period (and therefore no unrestricted right of termination). Without that option fee paid in a timely manner (3 days after the effective date per the TREC contract), the whole paragraph is considered removed from the contract. “If no dollar amount is stated as the Option Fee or if Buyer fails to pay the Option Fee to Seller within the time prescribed, this paragraph will not be a part of this contract and Buyer shall not have the unrestricted right to terminate this contract.” (from Paragraph 23. Termination Option of the TREC One to Four Family Residential Contract (Resale)
Seller included a “OFFER NOTES” letter in which it sates “The contract option period will be honored, but the seller chooses not to accept the option fee (for processing reasons). Please make the option fee zero dollars.” Does this mean, if the contract has “zero” or “0” as in number zero specified for the option fee field, the buyer still has the unrestricted right to terminate the contract whereas if the contract has “NA” specified for the option fee, wouldn’t it be the same as no dollar amount is stated and therefore, the Buyer shall not have the unrestricted right to terminate this contract. I’m just wondering if this was a trap in wording by the seller with “zero or 0” versus “NA”, and therefore, the buyer would have a hard time terminating the contract because the word “NA” was used instead of “zero or 0”. Does this make sense?
That is a good technical question on contract law for an attorney. I’m curious to see if you ask two attorneys, would you get two different answers as well. (In other words, it’s up to a court to decide in the end.) I do know that many relocation companies and banks in foreclosure situations will ask you to clear out the items in the option period language, but Texas Realtors has also noted in the past that blanks do not necessarily mean none, N/A, or zero, but are rather left open to interpretation by the courts.
If we have a option period and paid fee imeediately (7 day) can the sellers make it near impossible for us to get in because they scheduled to play at the beach house this weekend. We are from out of town and the weekend is the time we have for inspection and fixes/renovation quotes.
If you’re talking about a TREC 1-4 Family Residential contract, Paragraph 7.A covers “Access, Inspection and Utilities.” The paragraph starts off with “Seller shall permit Buyer and Buyer’s agents access to the Property at reasonable times.” Of course like anything in real estate, only the courts can decide on the interpretation of language like that…and reasonable times becomes the part that people often go back and forth on in situations like these. We’d suggest you call your agent/broker and ask them to discuss with the listing agent/broker. There definitely is a need for access so you can perform inspections and get quotes and the option period is the best time to do those things. Hopefully you can work it out or get the option period extended so that you can get everyone out there to take a good look and give you their assessment so you can decide what your next steps are.
Hi There, if option period is 10 days and goes into effect 3/11/19, is the 10th day 5pm 3/21/19?
Thank you
One of my favorite questions and one I see many agents struggle with. You are correct…a 10 day option on a contract with an effective date of 3/11/19 would expire at 5pm on 3/21/19 (assuming that the contract was a TREC promulgated form and we are talking about Texas).
Hello,
Do the buyers have to pay to have an option period? For instance the buyer puts 0 dollars to buy an option period of 8 days. In other words, does the option fee have to be above 0 dollars for the option period to apply?
The option period in Texas requires consideration. If using TREC forms, it is hard written into the contract as part of what creates the option period.
If a buyer chooses to waive the unrestricted right to terminate a contract for which an option fee was paid (line (7) on the Amendment), does he lose the earnest money if the deal falls through before closing?
As with all great answers…it depends. 😉 There are still multiple outs in a contract for a buyer other than the option. Theoretically, if no other outs existed in that particular contract, then the seller would have a claim to the earnest money.
Hello, we are buying a house and under contract. we have completed signed house contract and it has been since April 1st.
But per selling agent, the seller’s daughter who said she is the her father’s power of
attorney, tried to cancel the contract due to her father is in stage not capable
to make any kind of decisions his own. But we have not received any written letter on the cancel the contract from seller’s side.
But her brothers said that her father does not have any problems to make decisions his own.
They ask us to extend option period and closing to 10 days but they did not send us to updated contract to sign.
The contract has been 3 days passed from 7 days of option period. If I do not received the updated sign contract,
should I go ahead to house inspection? Per my buyer agent, Her daughter and title company do not agree to send us the daughter’s power of attorney
letters to us. My mortgage comapny is holding the processing now.
Should we go ahead to inspect house due to have not received any written requesting letters from seller’s daughter’s and also have not received
updated option dates signed contract? We only heard from my buyer’s agent’s speaking…!!
please help us to decide the this mass
Hello,
My option period ends on 4th august, I paid $500. I also paid $2500 earnest money for title. I also got the inspection completed for $410. If I terminate my contract before my option period ends, will I only lose the $500? Will I at least get the $2500 back? The inspection went okay, I just feel the house is overpriced for the quality and size. I feel my realtor just wants us to buy a house already and get over with it. Do I have to give proper reasoning for the termination? How long does termination process take? Can I offer/bid for another house during or before termination process? Please help…
If there is no option fee and the buyer loses rights to terminate can the buyer still find a clause to terminate contract. Earnest money has been paid.. seller was asking buyers for personal information like SS bank statements etc. isn’t that a violation of buyers rights?
There are other outs in the contract for a buyer, but they are very specific to the contract (ie what state you’re in) and the terms – things like delivery dates for certain documents, objection and cure periods, financing contingencies, appraisal contingencies, lender approval – there are quite a few, but they are all situational dependent. If you find yourself in a situation where you need to get out of a contract, consult with your real estate agent (and your attorney) to get the best ideas of what outs you have and how they might affect you and your contract as written.
PS Bonus points for the screenname. 🙂
The buyer’s delivered the option check a day late. The contract was executed the 3rd but the option fee was delivered the 7th. The late delivery forgoes their option period but we signed a option extension on the 10th. Does the extension amendment give them back an option period.
The reason we were willing to ‘extended’ is that the seller’s disclosure was delivered on the 6th which gives them 7 days to review the disclosure or end contract while keeping their earnest money, so last time on that timeline is the 13th.
I am the seller and the buyer’s option time has expired. The agreed upon repairs have been made and the appraisal has just begun. This is a VA loan and it is questionable if it will appraise high enough since they asked us to raise the price to include some fees they aren’t allowed to pay. Am I just stuck waiting to see if the sale will go through and waste all this time it could be back on the market?
Can I the seller back out of the contract, The buyer paid the option fee. Paragraph 23 Termination Option of $10 within 3 days after the effective date of this contract, Seller grants the buyer the unrestricted right to terminate theis contract by giving notice of termination to Seller within 21 days after the effective date of this contract.
As a general rule, sellers don’t have any easy “outs” of the contract – those reside on the buyer side. However, as it is a legal document, if a seller wants to terminate it is best to refer to a real estate attorney who could advise the potential pros and cons to such action.
With the new rule, Earnest money and option fee being delivered to title co. – the contract was excused on April 30th a Friday the title co. is closed
on Saturday and Sunday earnest money and option fee went out on Monday morning ” via ” Fedex Express mail, received Tuesday. Option Period
10 days. what is my 10th day.
This is something you should discuss with your agent (if you’re a client) or your broker (if you’re an agent). Based on the information given, your 10th day would be May 10th, but the option fee was delivered on Tuesday May 4th, which is the fourth day. You might have an issue because of that…see Paragraph 5.D. of the contract.
State Texas. I’m a buyer, a contract was signed on May 10 but I terminated the contract on May 12. I mailed a check for the Option Fee on May 12 and they received the check on May 20. Since they received the check for the Option Fee too late they asked me to pay the earnest money. Can an attorney help me? Or is the only option I have it’s paying earnest money?
Thanks.
You should speak to your agent and/or broker. If you’re unrepresented, you should speak with an attorney as we cannot advise you on a contract situation like this.