Option Period Extension & Fee Amount

How much $ do you need to enter into the amendment when you extend an option period? You must enter at least $10 to extend an option period. From our attorney:

It needs to be something. It can be “nominal” consideration, which was $1 until the 60s and then become $10 after that, and sometimes you see $100. The argument would be that $0 is no consideration and $1 is less than nominal. You should at least make it $10.

As recently as 2022, a Texas appellate court upheld $10 to be enough. Now, it doesn’t have to actually be paid, just recited. But if the payee wants to, they can enforce it and demand payment. That’s why you always see “$10 and other good and valuable consideration” in deeds, but you never see $10 checks…