James Jay talks about option periods as it relates to a purchase agreement that is you purchasing a resale home. He goes in to explain the importance of having an option period. He also discusses the importance of hiring an inspector to go out to the property to do a full inspection of the property from top to bottom.
Quotes:
"Option periods are something that is negotiated between a buyer and a seller, but it is a very, very important clause in a residential contract."
Show notes:
[00:01] Introduction to Houston Home Talk.
[00:35] James Jay introduces the topic of the show which is option periods. He discusses the importance of having option periods before buying a home. He discusses the importance of having a home inspected before buying a home or a property.
[01:46] James Jay talks about hiring an inspector to inspect the property before purchasing. He also discusses the duration of an option period.
[02:52] James Jay dives in deeper to talk about what an options money is and the amount and what its used for.
[04:21] James Jay emphasizes that during that option period, you have the right to walk away for whatever reason you choose.
[05:17] James Jay explains that we have to keep in mind that if you decide to walk away during the option period that we lose the option money. He also adds that it is okay to lose option money rather than getting into a complicated situation with the home.
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