Most of the time when a seller goes under contract, there are several important hurdles they and the buyer must jump.
One of the very first hurdles is the OPTION PERIOD. Most buyers are going to write an option period into
the contract. This is a time they will have inspections and fully decide if they want to move forward with the purchase. When it is written into the contract, the buyer purchases the OPTION to terminate the contract for any reason within this period of time and this doesn't cause them to lose their earnest money. In fact, they don't even have to give a reason for terminating.
The majority of buyers will want an option period, though, it's not mandatory. It will be something that is discussed when you are looking at offers. We will always recommend one when we work with buyers.
The period of time and the amount of money offered is completely negotiable. Though, it is very typical to see no longer than 10 days for no less than $200.
If the buyer DOESN"T opt out of the contract during this period of time, they will get the option fee back at closing. You will only receive this fee IF THE BUYER OPTS OUT.
Once this deadline ends, the buyer will have to have a valid reason to get out of the contract.