An active option contract simply is a term explaining the status of a home that's listed for sale. My client, the home seller has accepted an offer to sell their home. Now our contract is in the option period. During the active option contract period the buyer has a specific amount of days to have the home inspected, gather subdivision information, school information and possibly have a contractor meet them and discuss remodeling, negotiate or other changes they may desire. This is considered their time to preform their due diligence.
The active option contract is referred to as a contingency period or due diligence period.
In Texas, buyers must make an option period deposit, which is separate from the earnest money deposit. The option period deposit is not returned to the buyer if they back out of the sale. Most of the time if the buyer completes the purchase, the option deposit will be applied to the final sale price.
Original owner. Beautiful 2-story home near shopping & dining. EM ISD. Community pool, walking trails and park. Spacious living area, corner fireplace, vaulted ceiling with open concept. Lower floor Master suite for privacy, huge walk-in closet, garden tub, separate shower, double vanities. Secondary bedrooms are upstairs with large bonus room. Quick access to 820, Alliance, I-35 plus downtown. Fabulous layout with all the right spaces.