Contracts
In a TREC One to Four Family Residential Contract, the option fee gives the buyer the right to:
AExtend the closing date indefinitely
BTerminate the contract for any reason during the option period✓ Correct
CReduce the sales price after inspections
DRequire the seller to make all requested repairs
Explanation
The option fee in a TREC residential contract purchases an unrestricted right to terminate during the option period. The buyer may terminate for any reason or no reason within that period. The option fee is typically non-refundable but may be credited toward the purchase price at closing.
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