In Texas, the Texas Real Estate Commission has included a paragraph in the standard residential resale contract that offers home buyers the unrestricted right to terminate an offer and receive their earnest money (see previous blog entry about earnest money) back. The option period is defined by a term of days and compensation to the home seller. Usually the term is 7-10 days in which time the buyer may get a home inspection, secure final financing and make sure they can acquire home insurance. The compensation I have seen runs between $100-250.
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