If the buyer simply changes their mind during the option period, all they lose is their option fee. Like with the Termination Option Period, they could wake up on the wrong side of the bed on day 7 and decide they don't want the house anymore. In fact, the Specific Performance provision in real estate law dictates that the contract is valid and binding and that both parties are mutually obligated to adhere to the contract. But this compensation does not influence the information we publish, or the reviews that you see on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Contract to close is one of the most time-consuming processes involved in real estate, taking most realtors 15-20 hours per transaction. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Another thing the seller could try is to make an emotional appeal. //
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