When the sale of real estate takes place, a certain amount of time might be allotted after a contract is created but before the transaction is finalized. During this time the buyer may decide not to follow through with the deal set forth in the contract. This 'option period' allows buyers to have a property inspected and its value ascertained without the risk of losing the property to another buyer. What Happens When The Option Period Takes Place Typically, a buyer must pay an option fee in order to be able to enjoy the luxury of an option period. During the option period, property … [Read more...]