Glossary entry (derived from question below)
English term or phrase:
option check
Polish translation:
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku // czek na opłatę [...]
Added to glossary by
mike23
Jan 29, 2017 18:00
7 yrs ago
English term
option check
English to Polish
Law/Patents
Real Estate
zakup nieruchomości w US
Once both parties have signed the contract, retrieve it, the earnest money check, and the option check (if applicable) from the buyer agent. The buyer agent may deliver the earnest money check to the closing company or put it into an escrow account.
Proposed translations
(Polish)
3 | opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku | mike23 |
References
What Is an Option Fee? | geopiet |
Proposed translations
1 day 1 hr
Selected
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku
opłata za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money] w formie czeku
2) czek na opłatę za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money]
See also here
http://www.proz.com/kudoz/english_to_polish/other/6267367-op...
2) czek na opłatę za prawo do odstąpienia od umowy kupna nieruchomości [option fee/money]
See also here
http://www.proz.com/kudoz/english_to_polish/other/6267367-op...
4 KudoZ points awarded for this answer.
Comment: "dziiękuję!"
Reference comments
21 mins
Reference:
What Is an Option Fee?
What Is an Option Fee?
Although it's not a hard-and-fast requirement, the option fee is included in most real estate transfer contracts. It's calculated as a tiny percentage of the total cost of the parcel in question and rarely exceeds $500. Indeed, option fees for modestly priced homes can amount to $100 or less. The purpose of the option fee is to provide a harried buyer with enough time to arrange safety and code inspections of the property that he or she intends to buy. It typically gives the buyer the right to cancel the pending transaction within a 10-day window. Since option fees are generally paid "over the table" and immediately deposited by sellers, they're rarely refunded. Exceptions to this rule must be codified in the transfer contract before the payment of the option fee.
What Is Earnest Money?
Earnest money payments are larger deposits that are generally held in escrow until closing. A given earnest money deposit's value will fluctuate in accordance with the vicissitudes of the housing market and the purchase price of the parcel. Generally speaking, it will exceed the value of the parcel's option fee by at least a factor of 10. In frothy housing markets, earnest money deposits of 3 percent of the home's list price aren't out of the question. While many earnest money payments are refunded after closing, others are not. These issues must be worked out during the drawing-up of the transfer contract.
Key Differences
Aside from the obvious difference in size, these two types of pre-closing payments differ in a few other respects. First, option fees are almost always deposited in an account that's controlled by the seller. By contrast, earnest money is usually held in escrow by a real estate agent or bank. While option fees aren't typically refunded, it may be possible for buyers to secure a refund pledge in particularly slow real estate markets. Earnest money payments are refunded far more regularly. Finally, option fees only confer unrestricted cancellation rights during the agreed-upon period of applicability. Under limited circumstances, earnest money payments may confer cancellation rights after the applicability period. Such circumstances might include:
The discovery of lead paint in a pre-1978 home after a third-party inspection or legal disclosure
The buyer's inability to procure full financing during a pre-closing financing period that typically lasts for 30 days
The introduction of HOA documents that reveal unexpected obligations or restrictions for the buyer
http://info.courthousedirect.com/blog/bid/343286/Option-Fees...
Although it's not a hard-and-fast requirement, the option fee is included in most real estate transfer contracts. It's calculated as a tiny percentage of the total cost of the parcel in question and rarely exceeds $500. Indeed, option fees for modestly priced homes can amount to $100 or less. The purpose of the option fee is to provide a harried buyer with enough time to arrange safety and code inspections of the property that he or she intends to buy. It typically gives the buyer the right to cancel the pending transaction within a 10-day window. Since option fees are generally paid "over the table" and immediately deposited by sellers, they're rarely refunded. Exceptions to this rule must be codified in the transfer contract before the payment of the option fee.
What Is Earnest Money?
Earnest money payments are larger deposits that are generally held in escrow until closing. A given earnest money deposit's value will fluctuate in accordance with the vicissitudes of the housing market and the purchase price of the parcel. Generally speaking, it will exceed the value of the parcel's option fee by at least a factor of 10. In frothy housing markets, earnest money deposits of 3 percent of the home's list price aren't out of the question. While many earnest money payments are refunded after closing, others are not. These issues must be worked out during the drawing-up of the transfer contract.
Key Differences
Aside from the obvious difference in size, these two types of pre-closing payments differ in a few other respects. First, option fees are almost always deposited in an account that's controlled by the seller. By contrast, earnest money is usually held in escrow by a real estate agent or bank. While option fees aren't typically refunded, it may be possible for buyers to secure a refund pledge in particularly slow real estate markets. Earnest money payments are refunded far more regularly. Finally, option fees only confer unrestricted cancellation rights during the agreed-upon period of applicability. Under limited circumstances, earnest money payments may confer cancellation rights after the applicability period. Such circumstances might include:
The discovery of lead paint in a pre-1978 home after a third-party inspection or legal disclosure
The buyer's inability to procure full financing during a pre-closing financing period that typically lasts for 30 days
The introduction of HOA documents that reveal unexpected obligations or restrictions for the buyer
http://info.courthousedirect.com/blog/bid/343286/Option-Fees...
Peer comments on this reference comment:
agree |
Frank Szmulowicz, Ph. D.
26 mins
|
agree |
mike23
: Yes. The Option Fee gives the buyer the right to cancel the pending transaction/contract within a few days.
1 day 1 hr
|
Discussion
Transakcje opcyjne to umowy pomiędzy nabywcami i sprzedawcami dotyczące nabycia opcji na konkretne walory. Zasadniczą kwestią tego rodzaju transakcji jest nierównomierny podział praw i obowiązków dla stron transakcji. Nabywca płącąc premię ma prawo do kupna na określonych wcześniej warunkach nabyć wystawione na sprzedaż walory, ale może też odstąpić od transakcji, na co sprzedający nie może wpływać. - https://www.kredito24.pl/content/transakcje-opcyjne/
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The purpose of the option fee is to provide a harried buyer with enough time to arrange safety and code inspections of the property that he or she intends to buy. It typically gives the buyer the right to cancel the pending transaction within a 10-day window.
https://www.texasrealestate.com/advice-for-texas-realtors/ar...