Buying a Home in Dallas? Include Option Period & Inspect

January 7, 2010 by · Leave a Comment 

Buying a Home in Dallas | Option Period & Home Inspection

If you are thinking of buying a home in Dallas, make sure you request an option period to be included in your purchase contract.  When submitting a contract offer to a seller, you generally will need to deliver two checks, Earnest Money and Option Fee.  As a rule of thumb, most sellers will require $10/day and allow a 7-14 day option period.  During this period, a buyer has the unrestricted right to terminate the contract at any given time for any reason.  The option period is usually built into a purchase contract to allow the buyer time to schedule inspections, review the terms of the purchase, and decide if he/she is ready to move forward with the purchase. 

Option Period - Buying a Home in Dallas
Option Period – Buying a Home in Dallas

The most important item to address during the option period is the home inspection.  The option period allows a home buyer a second round of negotiations to address home repairs and replacements that are discovered during the inspection.  For Example, suppose you negotiate a 10 day option period with a $100.00 option fee on a home in Dallas.  After you complete a home and termite inspection, you are presented with more than three pages of items that need to be addressed and either repaired or replaced.  The option period you bought allows you time to present and negotiate specific items found in your inspection that are in need of repair.  Once the repairs are presented,  the seller has the option to address the issues, offer money in lieu of the repairs/replacements, or repair/replace some items and offer money as compensation for the issues that were not addressed. 

If the seller decides to offer the buyer money in lieu of repairs, the buyer can use these dollars toward closing costs or reduce the sales price of the home accordingly.  If the seller declines a buyer’s repair request and decides to sell the house as is, the prospective buyer still has the option to terminate the contract and receive 100% of the Earnest Money deposit.  Bottom line, an option and inspection fee could save you money in the short and long term. 

Dallas Home Buyer Resources | Search Dallas Homes For Sale

If you would like additional information on buying a home in Dallas, contact one of Dallas Realtors or visit Dallas Home Buyer Resources to access buyer tools, checklists, and information.  If you would like to set up a customized home search, visit Dallas Homes For Sale to view thousands of listings throughout the Dallas area.

Be Sociable, Share!

Related posts:

  1. Buying a Home in Dallas – The Right Home at the Right Price
  2. Dallas Real Estate MLS Property Status Explained
  3. Dallas Home Buyer Tax Credit Extended to June 2010
  4. Guide to Selling Your Home in Dallas
  5. Dallas Real Estate Home Foreclosures Allowing Buyers to Cash In
About Kenneth

Comments are closed.

Twitter links powered by Tweet This v1.8.2, a WordPress plugin for Twitter.

Get Adobe Flash player