Frequently Asked Questions - Buyers
What is the Option Period?
The Option Period is a negotiated time and amount that gives the buyer the unconditional right to terminate. The option fee must be paid on time (known as time is of the essence) for it to be valid.
This is the time the buyer does their due diligence, inspections and any other investigation they desire. It is unconditional, meaning the buyer can wake up the next morning and terminate for ANY reason and has no requirement to state the reason.
Option periods are normally 7-10 days but can be any agreed period. Option fees can be a few hundred to thousands, again negotiable. There are strict requirements for giving proper notice so consult with your Realtor.
Do I need a real estate lawyer as well?
Enter your answer here. Be thoughtful, write clearly and concisely, and consider adding written as well as visual examples. Go over what you’ve written to make sure that if it was the first time you were visiting the site, you’d understand your answer.
What is included in the home sale?
This is one of the biggest items of dispute. If you have any concerns about a particular item, specify it it is included or excluded in the contract. A common dispute is over window treatments. A more recent concern is WiFi enabled doorbells, thermostats and lighting. Unless specifically excluded, those home made drapes that match your couch go with the sale.
Refrigerators commonly are included in other states but not in Texas. Washers and dryers are not included. Only permanently attached items are included. Some items like propane tanks and solar panels may be leased and will not be included.
If you are a seller, you can specify items to be excluded from the sale. Your buyer may love the concrete dog statue so be sure you exclude it if it means something to you.
Do I need a home inspection?
Absolutely! You are spending thousands of dollars. Trying to save a few hundred by not having a home inspection just doesn’t make sense. From structural to safety items, you need to know it is right and there are no home inspection surprises.
Many people think when buying a newly built home they have a builders warranty so don’t need an inspection. That is not the case! Remember, that your builder is only as good as his sub-contractors and they can take shortcuts.