NEW CHANGE IN TEXAS FOR OPTION PERIODS.

An option period is a point in the contract that allows the Buyer to merely "think" about continuing to buy the home and a period where a. the option money is refundable and b. the start of negotiation based on the Option Period Amount showing how serious the Buyer is. Keep in mind in a multiple -bid situation this is where you'd want to "show the money" for the Seller is probably viewing multiple offers prior to anyone even leaving an Earnest Money check.

An Option Period is negotiable on whatever the two parties agree on, but typically about 3-5 days in length. Once the Option Period is over the Buyer continues to by putting down the Earnest Money...and now it's time to get down to serious business. Once the Earnest Money is turned in, at this point funds are non-refundable unless it is agreed to by both parties to withdraw the contract.

New changes from the TREC, the Texas Real Estate Commission that holds my license, now say Buyers have until 5pm on the last Option Period Day. Read more below...

~Alicia Mapp, Realtor w/ Team West Real Estate, LLC

See more at: https://www.texasrealestate.com/advice-for-texas-realtors/article/when-does-your-clients-termination-option-period-end#sthash.B3krG3Om.dpuf