The Texas Real Estate Option Period:
- Provides security for the buyer.
- Has an agreed-upon number of days.
- Starts at the beginning of the purchase contract period
- Requires consideration – a non-refundable fee paid to the seller called the Option Fee.
- The property will be placed in OP (option pending) status in the MLS.
- Ends at 5 p.m. local time.
- Can be extended by mutual agreement of the buyer and seller.
The option period begins the day after the effective date of the contract – the day all parties sign the contract. For example, all parties execute the contract on June 2nd. The option period begins on June 3rd.
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