ust for the record, a for the privilege of walking away
contract is a legally from a contract for any reason
binding document. Real within that time frame. But, do
Estate Agents use contracts not choose to exercise the option
promulgated either by the Texas on the 11th day of a 10 day
Real Estate Commission or the option period as the contract
Texas Association of Realtors. firmly defends the seller’s
Either way, the contract is rights at that point.
designed to protect the interests
of both the buyer and the seller. Many contracts include a
So there are a variety of escape third-party financing
routes from a contract should the contingency. This gives the buyer
need arise. time to seek a mortgage lender
and lock in a rate of financing
So if you are a potential buyer of his choosing. This contingency
and happen across a great deal, allows a buyer to vacate a
it is in your best interest to contract if the has have been
get a contract in before anyone denied financing and also if they
else does. But, maybe you want simply can’t lock in the desired
another person to see the rate. But, he must vacate within
property or need to arrange some the time frame provided.
financing, whatever. A contract
can be written to allow for the There is also time allotted in a
time required. contract for a buyer to review
documents. These documents may
If a buyer has personal reasons include the rules and regulations
for needing extra time an option of a condominium building, a
period can be purchased. The survey, a sellers disclosure or
option period is usually for 7 – other relevant articles. Again,
10 days and costs from $50 - $200 the timeframe for review is
clearly specified. buyers contract? That is where
the time periods come in. It is
In the case of land or commercial understood that taking a property
properties a feasibility period off the market may cost the
may be specified. This grants the seller dearly. So the contract
buyer time to evaluate all issues protects the seller from loss by
and determine if a piece of limiting the buyer’s time to
property will suit his specific exercise his options. In general,
purposes. the time to be indecisive is at
most a couple of weeks, during
So with all these ways of opting which the property may still be
out of a contract, how does a actively shown.
seller ever feel secure with a
About the Author:
Wendy Hauschildt is a Licensed Realtor® with Coastal Properties GMAC Real Estate, a weekly columnist with the Island Breeze Newspaper, and director of real estate Marketing. She lives and works on South Padre Island at the tropical tip of Texas. Visit http://www.SPIproperty.com for more info.
Read more articles by:
Wendy Hauschildt
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