Buying a home in Mira Vista should feel exciting, not stressful. The Texas option period is your built‑in safety net, giving you time to inspect, verify, and decide with confidence. If you use it well, you can spot issues early, negotiate smartly, or walk away with your earnest money protected. In this guide, you will learn exactly how the option period works, what it costs, and the steps to take in Fort Worth to protect your purchase. Let’s dive in.
Texas option period basics
The option period is a short, negotiated window in your contract that lets you terminate for any reason by giving written notice within the deadline. You secure this right by paying an option fee to the seller, separate from your earnest money. The length of the option period and the fee amount are set in your written contract, typically the standard form used in Texas.
To exercise the option, you must deliver a written Notice of Termination to the seller or their agent before the deadline. If you miss the deadline or do not provide proper written notice, you are usually obligated to move forward under the contract. For forms and consumer guidance, review the Texas Real Estate Commission’s resources on TREC contract forms.
Option fee vs earnest money
It helps to keep these two items straight during negotiations.
- Option fee: Paid to the seller for the right to terminate during the option period. The amount and timing are negotiated. The seller usually keeps this fee at closing.
- Earnest money: A good‑faith deposit held by the title company. If you terminate properly during the option period or under another valid contingency, you typically receive your earnest money back per the contract.
- Financing and appraisal: These are separate protections. The option period does not replace them, but it allows you to terminate for any reason within the option window, including concerns related to appraisal or loan approval.
Typical timelines and costs
Your terms are negotiable, but these patterns are common across Texas.
- Option period length: Often 7 to 10 calendar days for a full inspection window. In competitive seller markets, buyers may offer shorter periods, such as 1 to 3 days, or even consider waiving the option.
- Option fee amount: Frequently around $100 to $500, with some buyers offering more to strengthen an offer. Both the fee and length are negotiation levers.
- Inspection costs: Local quotes vary, but a general home inspection commonly runs about $300 to $600. A wood‑destroying insect inspection is often $50 to $150. Sewer scopes can be around $100 to $300. Foundation or structural reviews may range from $300 to $1,000 or more, depending on scope. Specialty tests like mold or septic are variable. Get local bids early so you can plan.
Mira Vista local factors to check
Buying in Mira Vista means you should focus on the specific conditions common to Fort Worth and Tarrant County.
- Expansive clay soils and foundations: Much of Tarrant County sits on clay soils that can cause slab movement. Ask your general inspector to check for signs like cracked masonry, doors that stick, and uneven floors. If any appear, bring in a qualified foundation specialist or a licensed structural engineer during the option period.
- Termites and WDI: Termite activity is common in Texas. A WDI inspection is standard and can help you negotiate treatment or repairs if needed.
- Flooding and drainage: Confirm if the property is in a floodplain using county and city resources. Check Tarrant County records and flood maps and the City of Fort Worth permits and floodplain mapping. Even if the home is not in a FEMA‑designated flood zone, look for site drainage issues and any evidence of prior water intrusion.
- Permits and title: Request the Seller’s Disclosure Notice, past repair receipts, and any permit history for additions or major work. You can verify permits through the City of Fort Worth and review recorded items with your title company and Tarrant County.
- HOA documents: Mira Vista is a gated community with HOA governance. Ask for covenants, bylaws, fee schedules, and the resale certificate. Review rules, fees, and any pending assessments within the option window so you know what to expect.
- Utilities and sewer: In older areas, sewer laterals can be a concern. If the home or neighborhood age suggests it, schedule a sewer scope. Confirm utility providers and any outstanding assessments through city or county sources.
- Local market dynamics: Fort Worth can be competitive. Sellers may prefer shorter option periods or higher option fees. In a slower market, you may secure more days and stronger repair concessions.
Option period checklist
Use this week well. Here is a practical sequence to follow after your offer is accepted.
Day 0: Contract acceptance
- Confirm the exact option period length and the calendar date and time when it expires. Deadlines are strict.
- Pay the option fee and deposit earnest money according to the contract and title instructions.
- Start scheduling inspections the same day or next business day.
Day 1–2: Core inspections and records
- Schedule the general home inspection and WDI inspection immediately.
- Request and review documents: Seller’s Disclosure Notice, any existing survey, utility easements, recent repair invoices, HOA documents, and permit history for major work.
- Ask the title company for the title commitment and recorded restrictions to review early.
Day 3–5: Specialist evaluations as needed
- If the general inspector flags concerns, book follow‑ups: foundation specialist or structural engineer, licensed plumber for a sewer scope, roofer, HVAC, pool expert, or other specialists as warranted.
- Verify permits or flood status using Fort Worth city resources and Tarrant County records.
- Gather quotes for any recommended repairs so you can price options accurately.
Day 5–7: Negotiation window
- Prioritize a concise, specific repair request or credit amount based on inspection findings.
- Keep all proposals and timelines in writing and work through your agent to present a clear amendment.
- If you cannot reach agreement and decide not to proceed, deliver the written Notice of Termination before the option deadline to preserve your earnest money rights.
Negotiation tips and risks
Negotiation starts with the terms of your option itself.
- Use the fee and length as levers: In a hot market, a higher option fee with a shorter period can strengthen your offer. In a balanced market, ask for a longer period with a modest fee so you can complete due diligence.
- Be precise with requests: Ask for specific repairs by licensed contractors, credits toward closing, or a price reduction. Sellers often prefer completing repairs before closing rather than issuing credits.
- Know the risk of waiving: If you waive the option or let it expire, you lose the unilateral right to terminate for any reason. Any new problems discovered later could leave you obligated to close unless another contingency applies.
- Mind the clock: The most common mistake is missing the deadline or failing to deliver written notice. Put the expiration in your calendar and set reminders 48 and 24 hours in advance.
How to deliver notice correctly
If you decide to terminate, follow the contract instructions exactly.
- Prepare the prescribed written Notice of Termination and deliver it to the seller or seller’s agent before the deadline in the manner allowed by the contract.
- Keep clear records, such as email time stamps or delivery receipts.
- Coordinate with the title company for the release of earnest money according to the contract and escrow instructions.
Helpful resources
For authoritative guidance and verification, review these resources:
Put local expertise to work
A well‑used option period can save you thousands and reduce stress. In Mira Vista, it also brings peace of mind on foundations, drainage, HOA rules, and permits. You want a team that knows which inspections to prioritize, how to read local records, and when to push for repairs or credits.
If you are considering a purchase in Mira Vista, we can help you line up inspections fast, manage deadlines, and negotiate with clarity. Connect with John Zimmerman for local guidance and a smooth path to closing.
FAQs
What is the Texas option period for Mira Vista buyers?
- It is a negotiated window in your contract when you can terminate for any reason by giving proper written notice before the deadline, in exchange for an option fee paid to the seller.
How much is a typical option fee in Fort Worth?
- Many buyers offer about $100 to $500, though amounts vary with market conditions and can be higher to strengthen an offer; both fee and length are negotiable.
Can I rely on the option period for appraisal or loan issues?
- The option is separate from financing and appraisal protections, but while it is open you can terminate for any reason, including concerns about appraisal or loan approval.
What inspections should I prioritize for a Mira Vista home?
- Schedule a general home inspection and a WDI inspection first, then add a foundation specialist, sewer scope, roof, HVAC, pool, or other experts if flagged by the general inspection.
How do I terminate during the option period in Texas?
- Deliver the contract’s required written Notice of Termination to the seller or seller’s agent before the deadline and keep delivery records; the title company will handle earnest money per the contract.
Do HOA documents affect my option period decisions?
- Yes. Request covenants, bylaws, and the resale certificate early, review fees and restrictions, and decide on any negotiations or termination before your option deadline.
