Does a Seller Have to Give a Buyer Access When the Option Period is Up?
In Texas real estate the due diligence period is recognized as the option period. This is a time that the buyer has to conduct all their research on the property after making an offer having it accepted and putting down the option money. This option period has a significant end date specified within the purchase contract.
Once this option period is over, does the buyer have the right to request access to the home before the official closing of the sale and receiving keys? Is the homeowner/seller obligated to allow them access to the home once the option period has ended?
Reasons a buyer may request more access
It is not uncommon for buyers to go through the options process and do all of the work to have an appraisal conducted, check for any liens, conduct an appraisal, etc., and still move forward with a home purchase but ask for additional access to the property after the option period is up.
There are a number of different reasons why a buyer might request this even though they no longer have the ability to back out of the purchase of the home without losing the option money. One of the most common is that excited buyers are hoping to get a jump on taking measurements of the home to be able to conduct renovations as soon as they are in possession of the keys.
This might mean measuring rooms to be able to purchase new furniture or it could mean bringing in a contractor to look over the property and give estimates and timelines for potential work and renovations they plan to start right away.
Does a homeowner have to let a buyer into the property after the option period?
While it may seem like an overstepping of bounds and an inconvenience to the homeowner as well as not taking into consideration the life of the homeowner, a standard contract states in paragraph seven that a seller shall permit a buyer and their agent access to the property at reasonable times.
This may seem frustrating and like you have to bend over backward for the buyer but there is some protection that lies within the term reasonable times. Just because a buyer has requested more access does not mean that they can come in at any time they so, please. It needs to be a time that is easy and comfortable for the current homeowner. You can request that they come at a time that works for you instead of allowing them to come at whatever time they choose.
You as the current owner get to control the frequency of access that you are comfortable with until the closing date of the sale. One way to work around getting more access than you are able to give is to suggest that the buyer moves up the closing date so that they can take possession of the home sooner rather than later.
For more information on purchasing a home in Granbury Texas or surrounding areas please contact us anytime.