The option is an amount of money you pay to the seller and in return they give you an amount of time to review the house. If the seller accepts you offering price on the home and agrees to the option, usually $50 to $100 and the time period usually 5-10 days you will be given the chance to investigate the home and determine whether this is the home you want. During this option period the owner is not allowed to sell the house to anyone else. Should you decide not to purchase the home the seller will keep the option fee. If you choose to buy the home and communicate this to the seller before the option period has expired the fee will be credited to you. Remeber you must give notice to the seller before the option period expires are you will forfiet you option fee. If you need more time and know this before the expiration of the option period there are addendums that will extend the option peiod, usually 7-10 addtional days.

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