The option fee is money the buyer pays the seller for the option to terminate the contract. Generally, the option fee is $100-$150 and generally, the option period is 10 days from the effective date of the contract. I use the term ‘generally’ because everything is negotiable. The option fee money is paid to the seller and is non-refundable. The home inspection is done during the option period. An amendment is submitted by the buyer to the seller and lists the repairs and treatments that the seller shall complete. The amendment is negotiable. The seller can agree to all repairs and treatments requested. The seller can agree to some or the seller can say they do not want to make any repairs or treatments. Keep in mind, the buyer can back out of the contract for any reason during the option period and their earnest money is refunded.
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