Question Details

Jeanna Marti…, Real Estate Pro in San Antonio, TX

I submitted an offer on a property and the sellers verbally agreed, we have not yet executed the contract and

Asked by Jeanna Martinez, San Antonio, TX Mon Jan 19, 2009

my clients decided to hold off and keep looking. Can they keep their option money?

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SORRY I did not see you stated option check. Since you DONT have an executed agreement I believe you are fine, with any transaction unless formal executed writing could all be based on hear say. HOWEVER if buyer determine wanted pursue the purchase more than likely seller will not be happy continue any future dealings.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 19, 2009
You have a verbal agreement without anything in writing? Confer with your broker or attorney may not be considered as a contract to purchase HOWEVER if buyer provided money may be considered a contract nothing is in writing WOW... seller could keep money.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 19, 2009
I still have the option check, we did not exchange money, only had the offer verbally accepted. Thanks for the info!
0 votes Thank Flag Link Mon Jan 19, 2009
I don't know why option fees were already given if there wasn't an actual contract (which there isn't). The option period really isn't even in effect yet since there isn't a contract for the dates to be written on.

I've had a seller verbally agree, then "oops, i didnt realize they wanted that" they fully changed the deal and what they were offering. So until everything is in writing, money should not exchange hands, ever.

So I guess the answer would be, no. The seller shouldn't keep the option money.
0 votes Thank Flag Link Mon Jan 19, 2009
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