17 Jan What is an Option Period?

Here in Texas, the Option Period is the time that a buyer is allowed to get into a home to have inspections done and decide if they want to move forward with the purchase of the home.  They can back out of the contract for any reason at all without losing their earnest money.

There is a fee associated with the option period, which is called the option fee.

Both the option period and fee are negotiable. But the fee is non-refundable.

The option period starts the day after the contract is executed and ends at 5 pm on the specified day stated in the contract.