Frequently asked
Can I back out after the option period ends?
Quick answer
After the option period, you generally can no longer terminate for any reason. You may still be able to terminate under specific contract provisions, such as a financing or appraisal contingency, so review your contract and ask before you act.
Related questions
How long does it take to close on a house in Texas?
Financed purchases commonly close in about 30 to 45 days from the effective date, though the contract sets the actual closing date. Cash purchases can be faster, and new construction can take longer.
What is the effective date in a Texas contract?
It is the date the last party signs the contract. Many deadlines, including the option period and earnest money, are counted from this date.
When do I pay earnest money?
The contract sets a deadline, usually a few days after the effective date, to deliver earnest money to the title company. Confirm the exact date in your contract and meet it, since missing it can put you in default.
What is the final walk-through?
It is your last look at the home, usually within a day or two before closing, to confirm it is in the agreed condition and any negotiated repairs are complete. Raise any problem before you sign closing documents.
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