By: Kaema Roberson, Curriculum Lead/Education & Training Specialist
Managing the logistics of option fee delivery and receipt can be a nuisance, to say the least! In today’s market, you’re dealing with electronic signatures, clients who don’t have checkbooks, and terrible traffic. If you’re tired of the option fee dance, let me introduce you to GoOptionPay.com. This subscription-based platform allows you to facilitate option fee payments and receipts electronically.
Here’s how it works:
- Step 1: The buyer’s agent enters a few details about the transaction to get started.
- Step 2: The buyer receives an email with payment instructions and securely submits the option fee electronically.
- Step 3: The listing agent accepts delivery and electronically signs the receipt for the option fee. The TREC receipt page is automatically generated and sent to both agents.
- Step 4: The seller receives an email with directions to conveniently receive their funds.
Cost: It’s free to sign up. Choose to pay $5/transaction or a flat fee of $99/year.
Visit their website for more details: GoOptionPay.com
Venmo, PayPal, and Zelle are electronic methods to deliver option money, but there can be limitations to consider when using these methods.
- Buyer and seller both need an account with the same platform.
- Your clients might be reluctant to set up an account.
- The buyer’s lender may not be able to properly source the funds used for the option fee and this can create difficulties with the buyer’s loan.
- Issues can arise if the payment is submitted incorrectly and a fee is subtracted from the payment. For example, the option fee is $250, and the buyer sends it to the seller via PayPal. The buyer mistakenly chooses the wrong option and a $7 fee is accessed. Now the seller only receives $243 and the buyer is not compliant with the contract.
- You still have to get the option fee receipted on the contract.
Option fee delivery and receipt can be a logistical nightmare, but buyer’s agents need to do everything in their power to make sure the option fee gets delivered and receipted on the contract. This will ensure the buyer gets the benefit of an option period.