What to do regarding an unexecuted contract and an options period?

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What to do regarding an unexecuted contract and an options period?

My husband and I are buying our first house. We agreed upon terms with the seller and signed our paperwork. We are going on day 3 of trying to get signed paperwork from the seller from their listing agent which did not answer her phone for 1.5 days. The seller pushed us into a 7 day option period instead of 10, and we already had to cancel 1 inspection because of the lack of executed contract. The listing agent finally sent a contract to my agent this morning but it was not signed. She is supposed to send the executed contract to my agent later today but my agent says my option period might start on the day the seller signed it, even if I might have missed 3 days because of the listing agents actions. This seems unethical.

Asked on January 9, 2013 under Real Estate Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Based upon what you have written you are not in contract and any option period that you want has not even started. The option period under the desired contract that you have written about does not start running until the agreement is sent to you or your agent regardless of the date of the contract.

I suggest that you consult further with your real estate agent about the problems you are experiencing and the need to safeguard your interests assuming you go into contract.


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