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The quick answer is cash it and keep it. The Seller earns this money when the contract is executed. It is a payment from Buyer to Seller for the unrestricted right to terminate the contract during the Option Period. If you receive a check, make sure you cash it. The lender might require proof that the check has been cashed and hold up closing.
Option Fee money is often confused with Earnest Money. Earnest Money is a deposit held in Escrow to be applied towards the purchase of the home. An Option Fee is compensation earned by the Seller for giving the Buyer the freedom to terminate and dismiss all obligations.
The contract may say it is credited to the Buyer at closing. It doesn’t have to be the same dollar bill. It’s yours no matter what happens.
Notice: This website contains general information about possible legal and financial matters. The information is not advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal or financial advice from your attorney, accountant, or other professional legal services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant, or other professional legal services
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I’m excited to announce that after 18 years of providing dedicated service, our clients have collectively saved over $10,000,000 in commissions! Among these savings are over $1,100,000 for clients who found unrepresented buyers and were able to avoid any selling costs. On top of that, we’ve distributed more than $330,000 in incentive rebates to over 100 satisfied buyers. These remarkable achievements are a true testament to our commitment to providing high-quality, cost-effective real estate services to our clients.Tod G. Franklin – Realtor®, Broker, Owner, and multi-million dollar producer at DFWCityhomes
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DFWCityhomes is an established and highly regarded Flat Fee MLS Listing Service company in Texas. We have been providing dedicated service for almost two decades delivering personalized service to each client. As the best Flat Fee MLS Listing Service in Texas, we offer affordable and excellent service, while our track record showcases our commitment to professionalism, integrity, and customer satisfaction.