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Option Fee and Period

 

All Contracts have an acceptance of property condition section where the buyer can either indicate acceptance of the property as is or pay the seller an Option Fee for a Option Period during which an inspection is conducted and repairs are negotiated. If the negotiations fail the contract is terminated and the seller receives the option money. If contract is fulfilled usually the fee is applied to the buyers expenses. Usually the fee and time period are less than $100 and 2 weeks.