Money paid from the buyer to the seller to freeze terms while the property is inspected. The option fee allows the buyer to cancel or negotiate for a period of time depending on the inspection results. The option fee ($100 to $500 in most uncompetitive situations) amount typically depends on the time needed to inspect and price of the home. This money will credit your downpayment when you close or will be kept by the seller if you cancel the agreement.
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