What does "ACT-O" mean? (fee, attorney, inspection, contract)

[funkys]

I recently saw a listing marked as "ACT-O".
What does it mean???
action? .....

Thanks for help!

[postprime]

Originally Posted by funkys

I recently saw a listing marked as "ACT-O".
What does it mean???
action? .....

Thanks for help!

this is just a wild guess: assesed city taxes-zero?

[Mike1306]

Amazonian Cooperation Treaty Organization


It is probably something to the effect of "Active with an option". I have never seen it before but different MLS can make up their own acronyms.

[palmcoasting]

never heard of it or saw it anywhere.

[middle-aged mom]

I just googled it and it sent me right back to this post.

[Rakin]

In TX we have an option period for the inspections and the status changes from Active "A" to Active Option "AO".

I'll bet that's what that is.

[funkys]

Originally Posted by Rakin

In TX we have an option period for the inspections and the status changes from Active "A" to Active Option "AO".

I'll bet that's what that is.

I don't get it
Complete inspection before making offers?

[kevcrawford]

When you write a TX contract, you make an offer, plus you negotiate the option period, which is the amount of time that you'll have in the contract to complete your inspections and negotiate repairs of any sort. If you do this within your option period, and cannot come to an agreement, you back out of your contract and only lose your option money, which is normally about 100-200.

[Rakin]

The Option Period starts the day after the contract is agreed upon and dated. Usally an option period will run 7 - 10 days.

[middle-aged mom]

Could you explain the optin fee further, please> Is this like an initial earnerst money deposit which is refundable if the contract does not proceed upon the conclusion of the homei nspection / attorney review period? Or is it a fee paid in consideration? If so, who get it?