An option is a contract to purchase the right for a certain time, by election, to purchase property at a stated price. An option may be a right to purchase property or require another to perform upon agreed-upon terms. By purchasing an option, a person is paying for the opportunity to elect or "exercise" the right for the property to be purchased or the performance of the other party to be required. "Exercise" of an option normally requires notice and payment of the contract price. The option will state when it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the amount paid for the option is not refundable.
Option to Sell Real Property if Option Executed within Certain Period of Time - Continuing Offer
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FAQ
If you back out of the deal for any reason that's not stipulated in your contract, the seller could show up to the closing table without you and sue you for specific performance.Some sellers may threaten the other party with a lawsuit, she says, but in our market, 99% of the time, the seller does not sue the buyer.
If Your Buyer Balks at COEIf the buyer doesn't close escrow within the time frame outlined in the document, the seller can cancel the escrow and move forward to retain the earnest deposit. The maximum amount of damages a seller can get awarded in California is 3 percent of the purchase price.
If a buyer backs out after having already signed the Option to Purchase, the Option Fee is forfeited to the seller (same as above). If a seller backs out after having already signed the Option to Purchase, the seller has to refund the Option Fee to the buyer.
If the buyer simply changes their mind during the option period, all they lose is their option fee. If they change their mind later than that, they should lose their earnest money unless they find a valid excuse in the contract for terminating. There is nothing a seller can do keep a buyer from changing their mind.
Buyer can back out for any reason during option period.
The contract is in review period: Most home sales use a standard real estate contract or purchase agreement, which provides a five day review provision. During the window, the seller or buyer can cancel the contract for any reason, allowing either party to back out without any consequences.
Hire a reliable, reputable home inspector. Discuss problems, potential solutions, and risks with your home inspector. Negotiate repairs with your seller. Confirm repairs have been made correctly before closing.
When the sale of real estate takes place, a certain amount of time might be allotted after a contract is created but before the transaction is finalized.This 'option period' allows buyers to have a property inspected and its value ascertained without the risk of losing the property to another buyer.
Negotiations for seller concessions or price negotiations are tackled during the option period. Once the buyer has made it past the option period, the contract in title terms goes 'hard' and the earnest money is now in play if they were to walk away without cause.