Glossary entry (derived from question below)
English term or phrase:
option money
Polish translation:
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money]
Added to glossary by
mike23
Jan 30, 2017 18:51
7 yrs ago
English term
option money
English to Polish
Law/Patents
Real Estate
zakup nieruchomości w US
Once both parties have signed the contract, retrieve it, the earnest money check, and the option check (if applicable) from the buyer agent.
Proposed translations
(Polish)
| 3 +2 | opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] |
mike23
|
References
| Option Money / Option Fee |
mike23
|
Proposed translations
+2
47 mins
Selected
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money]
Opłata za prawo do odstąpienia od (umowy) kupna nieruchomości [option fee/money] w określonym, uzgodnionym przez strony terminie (option period).
W okresie "option period" nabywca zwykle dokonuje oględzin nieruchomości, sprawdza czy niezbędne są naprawy, itp.
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In a Texas Residential Real Estate agreement, a buyer may choose to have an option period in exchange for an option fee.
An option period is a period of time when a buyer is allowed to terminate a purchase contract for ANY REASON – or no reason at all. A buyer offers the seller a sum of money for this “right terminate for any reason.” The fee, called an Option Fee, is offered at the time the offer is submitted. If accepted, the seller collects the fee. During the Option Period, a buyer can:
Hire an Inspector
Shop Mortgages
Shop Insurance providers
Shop Home Protection Plans
Tour New Listings
and more
An option period can be any number of days for any amount of money, as long as both the buyer and seller agree.
Scenario Example:
$25 a day for a 7-day option period totaling $175 payable to the seller. During the Option Period (the first seven days of the contract), a buyer can have the home inspected. If repairs are recommended, a buyer can submit a repair list to the seller BEFORE the option period expires. If the seller agrees to the repairs, the option period can expire and everyone moves forward towards closing – the option fee can be credited back to the buyer at closing.
If, during the option period, the seller is non-negotiable regarding repairs or any other contingency, a buyer can choose to walk away and terminate the contract. The buyer’s Earnest Money is typically refunded and the seller keeps the $175 option fee.
An option fee is basically paying the seller to take the house off the market so a buyer has time to decide whether or not the home is “the one.”
https://agentval.com/teaching-texas-home-buyers/what-is-an-o...
Q: Is a check or money order accepted?
A: Usually, yes. The listing agent and/or seller will determine the preference. Some agents will also accept cash on behalf of their clients. A receipt should be signed and provided for proof of payment.
W okresie "option period" nabywca zwykle dokonuje oględzin nieruchomości, sprawdza czy niezbędne są naprawy, itp.
---
In a Texas Residential Real Estate agreement, a buyer may choose to have an option period in exchange for an option fee.
An option period is a period of time when a buyer is allowed to terminate a purchase contract for ANY REASON – or no reason at all. A buyer offers the seller a sum of money for this “right terminate for any reason.” The fee, called an Option Fee, is offered at the time the offer is submitted. If accepted, the seller collects the fee. During the Option Period, a buyer can:
Hire an Inspector
Shop Mortgages
Shop Insurance providers
Shop Home Protection Plans
Tour New Listings
and more
An option period can be any number of days for any amount of money, as long as both the buyer and seller agree.
Scenario Example:
$25 a day for a 7-day option period totaling $175 payable to the seller. During the Option Period (the first seven days of the contract), a buyer can have the home inspected. If repairs are recommended, a buyer can submit a repair list to the seller BEFORE the option period expires. If the seller agrees to the repairs, the option period can expire and everyone moves forward towards closing – the option fee can be credited back to the buyer at closing.
If, during the option period, the seller is non-negotiable regarding repairs or any other contingency, a buyer can choose to walk away and terminate the contract. The buyer’s Earnest Money is typically refunded and the seller keeps the $175 option fee.
An option fee is basically paying the seller to take the house off the market so a buyer has time to decide whether or not the home is “the one.”
https://agentval.com/teaching-texas-home-buyers/what-is-an-o...
Q: Is a check or money order accepted?
A: Usually, yes. The listing agent and/or seller will determine the preference. Some agents will also accept cash on behalf of their clients. A receipt should be signed and provided for proof of payment.
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Comment: "Selected automatically based on peer agreement."
Reference comments
16 mins
Reference:
Option Money / Option Fee
Option - The right to purchase or lease property within a pre-determined time at a specific price. There is no obligation to purchase, but the seller is obligated to sell if the option holder exercises the right to purchase. For the option to be valid, it must include consideration (i.e. earnest money).
http://www.mls.com/Home/Glossary.mvc
"Option Money" (or the "Option Fee") is what you, as a buyer, pay the Seller for the unrestricted right to terminate your contract for a set period of time (sometimes know as the "Option Period"). The Option Fee can range widely depending on the price of the home and terms of the contract, but generally $75-$100 for every $100,000 worth of home will buy you a normal Option Period. Generally, these last the first 7-10 days of a contract from the day it was executed, or agreed upon, by all parties. During this time, property inspections are usually performed and quotes are sometimes gathered by Buyers and/or Sellers for any repairs that the Buyer deems necessary. Generally speaking, the Buyer is paying the Seller to take the property off the market while they check it out more thoroughly and negotiate any repairs of previously unknown problems. Real Estate Agents may still show the home, and even write a back-up contract(s) with another Buyer, but the Seller cannot usually back out of the primary contract for sale; only a buyer, who paid his Option Fee, can do this. Reasons for a Buyer terminating a contract during the Option Period may range from a property needing too many repairs (or a Seller not agreeing to repair enough to satisfy the Buyer) to the Buyers finding a better deal or just changing his mind.
https://www.realtown.com/ryancave/blog/transactions/optionmo...
http://www.mls.com/Home/Glossary.mvc
"Option Money" (or the "Option Fee") is what you, as a buyer, pay the Seller for the unrestricted right to terminate your contract for a set period of time (sometimes know as the "Option Period"). The Option Fee can range widely depending on the price of the home and terms of the contract, but generally $75-$100 for every $100,000 worth of home will buy you a normal Option Period. Generally, these last the first 7-10 days of a contract from the day it was executed, or agreed upon, by all parties. During this time, property inspections are usually performed and quotes are sometimes gathered by Buyers and/or Sellers for any repairs that the Buyer deems necessary. Generally speaking, the Buyer is paying the Seller to take the property off the market while they check it out more thoroughly and negotiate any repairs of previously unknown problems. Real Estate Agents may still show the home, and even write a back-up contract(s) with another Buyer, but the Seller cannot usually back out of the primary contract for sale; only a buyer, who paid his Option Fee, can do this. Reasons for a Buyer terminating a contract during the Option Period may range from a property needing too many repairs (or a Seller not agreeing to repair enough to satisfy the Buyer) to the Buyers finding a better deal or just changing his mind.
https://www.realtown.com/ryancave/blog/transactions/optionmo...
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