What is the option period?

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April 5th, 2009 by JP

In describing the experience with 605 Peacock Ln aka The Peacock Four, one critical piece of information has been at the crux of this entire disagreement. That’s the option period. In a recent e-mail Perry Henderson said:

Example #2:
The seller requested meditation, to sit in front of the the buyer to discuss the release of EM and the concerns. The blog version doesn’t reflect this.

This implies a fundamental misunderstanding of the option period. When you exercise the option period of the TREC residential condomenium sale (resale) contract, it reads specifically that “seller grants buyer the unrestricted right to terminate this contract.” Here is the exact language from the contract signed:

The Option Period Languge from the actual Contract

Option Period Language (click to enlarge)

As you can see, the idea that they would try to force us into mediation or do anything OTHER than return the earnest money immediately upon us terminating the contract, is in itself a violation of the contract. The fact is that to this day they still won’t even say “we should have just returned your earnest money, we’re sorry” which shows the complete dilusion that still exists on the part of the seller and his agent.

2 Responses

JpMaxMan writes:
April 5th, 2009 at 10:48 am

This is a test comment.
First Time Homebuyer writes:
April 9th, 2009 at 6:39 pm

Wow, sorry to hear about your experience, but this will encourage me to write about my own buying experiences! It sounds like this guys is a real piece of work. Thanks for posting your story. As a first time home buyer looking to buy this year I will definitely avoid Perry Henderson and Prudential. It already seems homebuying is stressful enough without having to worry about people like this. Don't let this spoil your view of Austin, most people here are very cool.