When it comes to the option contract period, it’s good to have an agent that knows what he or she is doing. Steve Stovall, the broker, explains a bit about the option period.
In the contract, the 1-4 family contract purchased residential properties; there is a paragraph that gives the buyer to terminate the contract for any reason. That paragraph has to be filled out correctly – has to have a time period and money that passes from the buyer to the seller.
The buyer’s agent has to take that money over to the listing agent within three days. So, as a buyer, you’re going to want to make sure that you choose an agent that you know is going to be right on top of his game and get that money over to the listing agent quickly. And make sure that all of those things that go into the contract are done in the right time period. Very important.