Could someone please explain, what is the option fee when purchasing a new home. I am a 1st time buyer and don't completely understand.
My agent asked for a check to cover that and then returned it to us and told us that we don't need to pay it.Any input would be apreciated..Thanks

Marguerite - I've been thinking about this since I saw it this morning. The only thing I can think of is that there was not another offer, and the owner accepted your offer, thus, a 1st option deposit would not be needed.

I'm hoping someone with more Real Estate experience has additional input...but in any case, ask your agent. It's their job to make sure your home buying experience is hassle free.

I am in agreement with me e-sister, Giz. As I understand it, an "Option" is a contracted agreement to purchase property for a stated price. If you renege, you loose you deposit.

Option
A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have an obligation to buy.

Thanks Gizmogram and Walks on Water!
You have both helped me out a lot by answering this question.