An active option contract means a home seller has accepted an offer to sell their home but the contract is in the option period. During the active option contract, the buyer has several days to have the home inspected. In other locations, the active option contract is referred to as a contingency period or due diligence period. Active with contract (AWC) This means that even though there’s an accepted offer on the home, the seller is looking for backup offers in case the primary buyer falls through. Something called an "option contract"—essentially, a contract not to revoke an offer once it’s made—can also be used to bring about the sale of real estate, though on a much different schedule than usual. The idea is that the home- or landowner extends and keeps open an offer to sell, in return for a payment by the buyer (the "optionee"). Contingency Offers – Active Kick Out Flickr photo: by Aqua Daisey. In today’s changing real estate market you’ll find much more use of status changes then the standard: active; active-option (under contract) pending (waiting to close) sold; A contingency contract is used in a couple of ways. Does "active" paired with "contingent" mean that the property can still be yours, if you make the right offer to a seller? But if a house is described as "pending," it means that no Most of the time, the contingencies within a contract can be worked through without any issues. But there are times when a buyer will back out of a deal because an agreement cannot be reached. The length of the active contingent period can differ, but it is usually one to three weeks long. This term "OP" means that there is a contract on the home, but they have purchased an option period to back out of the contract, if needed. This option period time is a time for the buyer to get an inspection on the property and negotiate repairs, if any are needed.
Remember to tender the termination-option fee with your buyer's backup offer if he wants an unrestricted right to terminate his contract and has provided for that
Nov 28, 2018 There are two statuses in Bright that seem similar, but have different meanings: Active Under Contract and Pending. While both of these An active option contract means a home seller has accepted an offer to sell their home but the contract is in the option period. During the active option contract, In these cases, the seller has to decide whether to sign a contract for the sale of the seller's house contingent upon the buyer selling the buyer's house. In most Lucas Single Family Home Active Option Contract: 1440 Holyoak Lane. 31. $499,990 Active Option Contract. 1440 Holyoak Lane Lucas, TX 75002. 3 beds, 2 full Listings 1 - 16 of 16 Richland Hills Single Family Home Active Option Contract: 7920 Leslie Drive. 10 Open House Sunday Mar 22, 2pm–6pm. Richland Hills There may be an in-house form you need to use. Be sure to disclose all the Change to Active Option Contract – enter the relevant dates. ⧫ Change to Pending
Listings for which the seller has accepted an offer should be changed to CONTINGENT or PENDING NO SHOW, with one exception: If the contingency on the accepted offer is either “House-To-Sell” or “First Right of Refusal,” the listing may remain as ACTIVE, provided that the contingency type is denoted in the Public Remarks and Agent Notes.
Grapevine TX Single Family Home Active Option Contract: $295,000. $295,000 Grapevine, TX. New. Grapevine TX Single Family Home For Sale: $287,000. Listings 1 - 20 of 23 Single Family Home For Sale: 3308 Potters House Way. 30 Single Family Home Active Option Contract: 1510 Kessler Parkway. 36. GoHomeSA.com, North San Antonio Houses For Sale What is AO or Active Option status in San Antonio, Texas real estate and home searching? AO is Active Option and refers to when a home goes under contract with an option period in Using option contracts for buying and selling real estate can be a benefit for both parties, Bob obviously wouldn't want to buy the house now, if within a month, An active option contract allows time for the buyer to properly complete their inspection and give them peace of mind as they continue with the sale. If they waive that right, they may end up with unforeseen damages to the house down the road. These damages could be more than the option fee itself and if found before the house closes, you could lose your earnest money if you back out. Definition of Active Option Contract "Active Option Contract" means a seller has accepted an offer to sell a home, but the transaction is in the inspection or "option" period. During this negotiated time period, the buyer usually inspects and evaluates the property with the option of terminating the transaction. Active Option Contract - this is a term we are asked about almost daily. The Active Option Contract status in Texas real estate means that the seller has accepted an offer on their property; the property is now under contract; and, the buyer is within the "option period." The option period is the time where the buyer can legally back out of the purchase of the house, and the buyer's earnest money is refunded. It is good to note that so long as a buyer is within the option period in Texas