An option period is a specified amount of time you can terminate the contract for any reason and get your earnest money back. I usually suggest an option period of 10 days for my clients. This usually allows ample time for the buyers to have an inspection of the property performed, review the inspection, ask for repairs and make any necessary changes to the contract without risking their earnest money. An option period cost can range anywhere from 10 dollars a day to 50 dollars a day or higher. Check with your local Realtor about how much money you can expect to pay for an option period. Please not that a home seller is not obligated to accept a contract with an option period nor are they obligated to give you a specific amount of time. < Back Next> Find a home now |
| What is an option period? |
