Port Aransas Texas Real Estate

Can You Cancel a Real Estate Purchase Contract?

Can You Cancel a Real Estate Purchase Contract and Keep Your Earnest Money Deposit
Whether you’re buying a Port Royal condo or a house in El Pescador, you’re going to have a real estate purchase contract in place that protects you (and the seller, in some cases) from making a bad deal.
But how do you cancel a real estate purchase contract without losing your earnest money deposit?

Can You Cancel a Real Estate Purchase Contract Without Losing Your Earnest Money Deposit?

Your Port Aransas Realtor® will be able to explain your entire real estate purchase contract to you—and you should read it thoroughly before you sign, because it outlines very clearly whether you can walk away from the deal under any circumstances. Remember: Once it’s signed, it’s a legally binding agreement.
Contingencies, which are a type of protection built into most real estate purchase contracts, can save you from being caught up in a bad deal. The most common contingencies involve home inspections, financing, and appraisals.
If you have the appropriate contingencies built into your contract, you should be legally able to walk away from the deal.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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Filed under: Buying by Julie Woodward
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Let's Talk About Earnest Money (and Option Fees and Periods)

Earnest Money Deposits and Option Fee and Period - Port Aransas TX Real Estate
If you’re like most Texas homebuyers, you’ve probably heard the terms earnest money deposit and option fees and periods since you made the decision to buy a home. You may be wondering what the differences are… and if you’ll need to pay one or both.

Earnest Money Deposits

When you find your dream home, you need to act quickly. You’ll have to let the seller know you’re serious about completing the purchase.
That’s what an earnest money deposit is for. The earnest money deposit is a negotiable amount of money that comes with a set of conditions (also negotiable) that protect the buyer and seller.

Why Does Earnest Money Make a Difference?

When you sign a purchase contract, you’re asking the seller to take the home off the market and hold it for you. That makes it unavailable to other buyers.
Your earnest money deposit is still, in most cases, your money; it goes into an escrow account until the deal is closed. Usually, the money is put toward your down payment.

What is an Option Fee and Period?

After making an offer and negotiating the terms and conditions of the earnest money deposit, you may want to take advantage of the option fee and period. This fee is separate from the earnest money deposit, and it can be a smart investment for homebuyers.
The option period lets you change your mind, with no questions asked, by paying a small fee. It also gives you a little extra time (usually 10 days or less) to complete all the necessary inspections.
Buyer’s remorse? Sometimes the option fee and period can get you out of a mistake. You don’t have to specify a reason for backing out of a real estate transaction, but remember, there are very strictly enforced timelines you’ll need to follow if you take this route.

Are You Buying a Home or Condo in Port Aransas?

Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
In the meantime, you might find these links helpful:

Filed under: Blog, Buying, Financing by Julie Woodward
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