option check

Polish translation: opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku // czek na opłatę [...]

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:option check
Polish translation:opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku // czek na opłatę [...]
Entered by: mike23

18:00 Jan 29, 2017
English to Polish translations [PRO]
Law/Patents - Real Estate / zakup nieruchomości w US
English term or phrase: option check
 Once both parties have signed the contract, retrieve it, the earnest money check, and the option check (if applicable) from the buyer agent. The buyer agent may deliver the earnest money check to the closing company or put it into an escrow account.
inspe
Local time: 06:17
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku
Explanation:
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku

2) czek na opłatę za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money]

See also here
http://www.proz.com/kudoz/english_to_polish/other/6267367-op...
Selected response from:

mike23
Poland
Local time: 06:17
Grading comment
dziiękuję!
4 KudoZ points were awarded for this answer



Summary of answers provided
3opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku
mike23
Summary of reference entries provided
What Is an Option Fee?
geopiet

Discussion entries: 5





  

Answers


1 day 1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku


Explanation:
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku

2) czek na opłatę za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money]

See also here
http://www.proz.com/kudoz/english_to_polish/other/6267367-op...

mike23
Poland
Local time: 06:17
Works in field
Native speaker of: Native in PolishPolish
PRO pts in category: 90
Grading comment
dziiękuję!
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Reference comments


21 mins peer agreement (net): +2
Reference: What Is an Option Fee?

Reference information:
What Is an Option Fee?


Although it's not a hard-and-fast requirement, the option fee is included in most real estate transfer contracts. It's calculated as a tiny percentage of the total cost of the parcel in question and rarely exceeds $500. Indeed, option fees for modestly priced homes can amount to $100 or less. The purpose of the option fee is to provide a harried buyer with enough time to arrange safety and code inspections of the property that he or she intends to buy. It typically gives the buyer the right to cancel the pending transaction within a 10-day window. Since option fees are generally paid "over the table" and immediately deposited by sellers, they're rarely refunded. Exceptions to this rule must be codified in the transfer contract before the payment of the option fee.

What Is Earnest Money?


Earnest money payments are larger deposits that are generally held in escrow until closing. A given earnest money deposit's value will fluctuate in accordance with the vicissitudes of the housing market and the purchase price of the parcel. Generally speaking, it will exceed the value of the parcel's option fee by at least a factor of 10. In frothy housing markets, earnest money deposits of 3 percent of the home's list price aren't out of the question. While many earnest money payments are refunded after closing, others are not. These issues must be worked out during the drawing-up of the transfer contract.

Key Differences


Aside from the obvious difference in size, these two types of pre-closing payments differ in a few other respects. First, option fees are almost always deposited in an account that's controlled by the seller. By contrast, earnest money is usually held in escrow by a real estate agent or bank. While option fees aren't typically refunded, it may be possible for buyers to secure a refund pledge in particularly slow real estate markets. Earnest money payments are refunded far more regularly. Finally, option fees only confer unrestricted cancellation rights during the agreed-upon period of applicability. Under limited circumstances, earnest money payments may confer cancellation rights after the applicability period. Such circumstances might include:
The discovery of lead paint in a pre-1978 home after a third-party inspection or legal disclosure
The buyer's inability to procure full financing during a pre-closing financing period that typically lasts for 30 days
The introduction of HOA documents that reveal unexpected obligations or restrictions for the buyer

http://info.courthousedirect.com/blog/bid/343286/Option-Fees...

geopiet
Native speaker of: Native in PolishPolish
PRO pts in category: 63

Peer comments on this reference comment (and responses from the reference poster)
agree  Frank Szmulowicz, Ph. D.
26 mins
agree  mike23: Yes. The Option Fee gives the buyer the right to cancel the pending transaction/contract within a few days.
1 day 1 hr
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