Texas Real Estate Terminology YOU Should Know

If you are a first time home buyer or if you are selling/buying a home for the first time in a while then there will be some terminology that you will come across in your transaction you may be unfamiliar with.  Let me start by helping to clarify a few key words when you review your offer - 

- Option Period -  A specific number of days agreed upon by both the buyer and seller that begin immediately following the execution of the contract and allow the buyer to terminate the contract for any reason. There must be an option fee (consideration) paid by the buyer to the seller for this benefit. It is a period of time typically used by the buyer of the contract to have their inspections performed and/or any repairs negotiated without the buyers earnest money being at risk. 

- Exclusions - Fixtures in a home that would normally be considered "attached" and should convey to the new buyer with the sale but have been specifically excluded by the seller and will retain them after the sale. Some examples of items that would normally be included but are often listed on the Exclusions part of the sales contract are curtains, curtain rods, wall television mounts, light fixtures or framed mirrors.

- Executed or Effective Date - The date in which BOTH parties have signed the contract and have come to an agreement on all terms in writing. This is also the date all time-frames written in the contract will be derive from.

BOTTOM LINE

If you have any other question about any Texas Real Estate contract documents or addendums, you can reach out to me directly anytime! 

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