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Updated over 7 years ago on . Most recent reply

Account Closed
  • Tempe, AZ
7
Votes |
30
Posts

Option fee in TX - can I not pay it if I terminate contract?

Account Closed
  • Tempe, AZ
Posted

I am an out of state buyer, found a condo in Texas online. Seemed like a decent deal. A realtor showed it to me via Facetime and it looked like there were no issues. We made an offer, and it was accepted with a 300$ option fee (apparently, a Texas thing). 

The next day I flew in to look at it and what the realtor didn't mention to me is that ALL the a/c units for the whole first floor were located right by the bedroom window of this condo - so you can imagine the noise!

Also, when we were about to walk out, the current owners showed up. She asked them about the noise, and they said that you "get used to it" unless one of the a/c breaks and then it's REALLY LOUD and the HOA desn't do a good job fixing them.

Needless to say, I'm terminating the contract. Is there any way I can get out of the option fee? Or am I stuck with it?

Most Popular Reply

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1,165
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Bart H.
  • Dallas, TX
744
Votes |
1,165
Posts
Bart H.
  • Dallas, TX
Replied

No the option few is non refundable, it's the price you pay to have a few days to review the property and still be able to get a full refund on you earnest money.

the Ac units would be the responsibility of the individual condo owners not the hoa. At least in the condo associations I know about .

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