A termination option is a clause in the standard Texas real estate earnest money contract that gives a buyer the unconditional right to terminate the contract during the option period. The buyer must pay a fee to the seller for the right to have the termination option. The length of the option period and the option fee are negotiable between the buyer and the seller. Earnest money contracts are also called option contracts for this reason. In Texas, a typical option period is around 10 days and the typical option fee is about $10.00 to $30.00 per day. However, option fees and option periods are completely negotiable between the buyer and seller.
About Kevan Pewitt
Kevan Pewitt is a real estate broker and Realtor with a 5 Star Client Experience Rating with the Houston Association of Realtors. He received the Five Star Professional Real Estate Award in 2014, 2015, 2016, 2017, 2018 and 2019.
So, if you are looking for an experienced real estate agent with a high client satisfaction rating and a track record of success you should choose Kevan Pewitt to help you buy or sell your next home.