option contract question

[Bill H]

Does the below mean the seller keeps the option deposit or would I get the option deposit back at closing?? Apologies if this is a stupid question. :)


The SELLER, in consideration of the BUYER paying $__________ (the "Option Deposit"), gives to the BUYER the exclusive option (the "Option") to purchase the property described below (the "Property"). In the event that the BUYER exercises this Option, the Option Deposit shall not be applied towards the purchase price of the Property. The Option Deposit is non-refundable and will be forfeited in the event that BUYER fails to exercise the Option unless otherwise so stated. The BUYER shall have the right to exercise this Option during a period of time beginning at 9:00 a.m. on ____________, 20___ and lasting until 5:30 p.m. on ______, 200___(“Option Periodâ€). The Option Period may be extended for an additional period of time for the purpose of obtaining said approval(s) with the consent of both parties.

[Mark Boek]

Bill, if you send me an email I'll send you an option contract I've used