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Updated almost 12 years ago,
14 day due diligence after which earnest deposit goes hard???
I am considering purchasing a property in Texas, and I was told by the real estate agent that in Texas they don't have a 30 day due diligence period before earnest deposit goes hard!
I was advised I have to pay an "option fee" of 100$ to "buy 14 days" while seller takes the property off the market. DURING THESE 14 days I also give them an earnest deposit of 1000$, which will be refunded ONLY if we back out of a deal within 14 days of signing the contract.
Anybody had/has an experience purchasing a property in Texas? Does this sound right to you?
Thank you,