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Updated almost 7 years ago on . Most recent reply presented by

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31
Posts
9
Votes
Wade Funk
  • Real Estate Broker
  • Leander, TX
9
Votes |
31
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Texas - Option Period, Contingency, and Check Cashing

Wade Funk
  • Real Estate Broker
  • Leander, TX
Posted

I have a contract on a property that is contingent on the sale of another property.  The buyer's agent wrote in to the contract that the "option period" won't begin until the contingency is lifted.  While we have receipted the Option Check, they asked us not to cash it until the Option period begins.  That seems like a win/win for the buyer, not the seller, any way around that now, and/or should we just cash the check?

Most Popular Reply

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2,065
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1,673
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Guy Gimenez
  • Investor
  • Corpus Christi, TX
1,673
Votes |
2,065
Posts
Guy Gimenez
  • Investor
  • Corpus Christi, TX
Replied

If it is a contract, there isn't much you can do about it except seek to amend it. If it's an offer, then strike the provision and allow the addendum language to prevail. As you already know, there's no benefit for a seller to wait until the buyer sells their existing house and before starting the option period.

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