Is the option fee refundable when seller can not close?

Question

If I have a buyer who paid an option period, but tye option period already passed. However the transaction doesn’t go thru due to seller not being able to provide or cure title issues, that made the property not transferable. The property can not sale. At this point is the option also refundable since the buyer it’s not at fault and had no idea that there was title issues.

David Smith · Accepted Answer

Typically, the terms of the option contract will outline the conditions under which the option fee is refundable. For example, the option contract may specify that the option fee is refundable if the seller is unable to close the sale for any reason, or it may stipulate that the option fee is only refundable if the seller breaches a specific term of the contract.

David Smith | Managing Broker
Block & Blvd Realty
(281) 732-3090
david@blokblvd.com

Isabel Aristizabal

For Sale

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Isabel Aristizabal

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