Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply presented by

User Stats

31
Posts
9
Votes
Wade Funk
  • Real Estate Broker
  • Leander, TX
9
Votes |
31
Posts

Texas - Option Period, Contingency, and Check Cashing

Wade Funk
  • Real Estate Broker
  • Leander, TX
Posted

I have a contract on a property that is contingent on the sale of another property.  The buyer's agent wrote in to the contract that the "option period" won't begin until the contingency is lifted.  While we have receipted the Option Check, they asked us not to cash it until the Option period begins.  That seems like a win/win for the buyer, not the seller, any way around that now, and/or should we just cash the check?

Most Popular Reply

User Stats

2,065
Posts
1,671
Votes
Guy Gimenez
  • Investor
  • Corpus Christi, TX
1,671
Votes |
2,065
Posts
Guy Gimenez
  • Investor
  • Corpus Christi, TX
Replied

If it is a contract, there isn't much you can do about it except seek to amend it. If it's an offer, then strike the provision and allow the addendum language to prevail. As you already know, there's no benefit for a seller to wait until the buyer sells their existing house and before starting the option period.

Loading replies...