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Is the money you put down as your option fee in a residential contract applied to closing costs? Or is the check just simply returned to the buyer if sell does continue? The only way you would lose the option fee money is if the buyer backed out of the sell correct?
Your question sounds specific to Texas, but it should depend upon how the contract is written. It might be a separate charge which is not applied to the purchase price. In all of the option contracts I've used (but these were non-residential), the option amount was applied to the purchase price. Typically, option fee checks are cashed so they can't be returned.
99.99% of Texas contracts are written that the Option Fee is credited back to you at closing, if you close. Some sellers don't bother cashing the check. In those cases, the seller voids the check and sends an image with "void" written on it so it can't be cashed later, and then there is no credit because you weren't out any money.
Thanks folks. Because my option check just posted on my bank but it's been two months after closing date. And I assume deed is still being generated because I have yet to receive any paperwork so just want to be sure the option fee is supposed to be applied to the closing which I have understood it should be.
And is it normal for my feed to take two months to come in the mail?
Thanks folks. Because my option check just posted on my bank but it's been two months after closing date. And I assume deed is still being generated because I have yet to receive any paperwork so just want to be sure the option fee is supposed to be applied to the closing which I have understood it should be.
And is it normal for my feed to take two months to come in the mail?
Yes I signed closing two months ago. I called title company about two weeks ago and they told me they are still working on my paperwork. Because I want to look at my deed to confirm another issue I am having with a neighbor claiming part of my property as his.
Yes I signed closing two months ago. I called title company about two weeks ago and they told me they are still working on my paperwork. Because I want to look at my deed to confirm another issue I am having with a neighbor claiming part of my property as his.
If it's a boundary issue, you should have a survey. Also the Title Company Insured your property if there is a need to bring them into the issue.
jeebus, where is YOUR real estate agent in all of this?
Does Texas, as unique as it is, really take weeks and months to finish a transfer of real property?
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