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Stages Of The Home Buying Process

Posted at 1:30 PM, Mar 22, 2022

The Corpus Christi Association of REALTORS® services over 1700 REALTORS® in the Coastal Bend area of South Texas. CCAR's service area includes the counties of Nueces, Jim Wells, Live Oak, Kleberg, Brooks, and Kenedy.

According to them, these are some of the terms homebuyers should familiarize themselves with:

Option Period: The option is an agreed-upon time that the buyer usually does their inspections and negotiates any repairs they would like the seller to make. The option period is the option to terminate. For a nominal amount, the buyer has the right to terminate the contract during this option for any reason and receive their earnest money back. The seller keeps the option fee if the contract is terminated during the option period.

Escrow: The title company will hold your earnest money and your option fee in a separate account until closing. Or until the contract is terminated. The earnest money is refunded to the buyer and goes towards the buyers closing costs. The option fee usually goes to the closing cost as well. It’s negotiable.

Under Contract: Once all of the terms of the contract have been agreed upon by both parties and both parties have signed the contract, the contract has been executed. At that time the option period begins.

If you find yourself in need of a REALTOR, our members have a variety of real estate specialties including residential, commercial, farm and ranch, appraisal, resort properties, recreational land, and more. CCAR also offers membership to over 100 affiliate members from a variety of industries like banking institutions, title and escrow, home inspection, photography, construction, restoration, insurance, and communications.

Association members join more than 120,000 other REALTORS® in Texas, along with over one million members from across the country. REALTORS® represent the best of the real estate industry and abide by a Code of Ethics and Standards of Practice enforced by the National Association of REALTORS®.

Our Mission:
Enhance member professionalism, be a trusted resource to the diverse communities we serve and protect real property rights.

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