Option Period and Option Fee

Option Period
The Option Period in Texas is a specified number of days set forth in a real estate contract which allows the buyer to terminate the contract for any reason. This option, when written into a real estate contract, creates the right to terminate the contract within a certain number of days for a specified price without risking the earnest money deposit.


Option Fee
Fee paid to the seller to have an option period. Non-refundable to the buyers but if the deal closes, the earnest money is credited towards the buyers' downpayment