ok so I've asked this before

well I honestly would go to an RE attorney if I could afford it but I can not.... Every RE Attorney around here wants 150 just to walk in the freakin door... If a coulpe of hundred dollar just laying I could at will i wouldn't be in Real Estate.... But thats why most of us are here... Because we struggle everyday will bills and eating.... The only reason I could get the book is because of income tax... I mean I had to send back the edge kit because other bills popped up... So yep I guess since Flordia attorneys don't wanna go any cheaper I will be forced to just use this contract and hope I don't get sued... Thank you DG family for the support since I have been here also!!! You've Been alot of help!

Remember to keep a positive attitude. That will get you far.

The contract you posted is an "Option" contract, not a regular purchase agreement. Do you know for sure which one you are wanting to use? At $150 to speak to a RE attorney, I think that would be a wise investment to go over the contracts for your state. Or you could talk to a knowledgeable realtor to start with. Have you been able to find a good realtor to be on your team yet?
Remember, REI is very much about relationships, so staying positive in your approach is very important.

Wishing you all the best,

Rina

I am staying positive. I am going for this either way Attorney or no attorney. REA or no REA... It doesn't matter to me I have waited long enough fr this to happen. I have to have a contract to my seller by the 17th to get this house. I need to be on time and make a good impression because this guy said he has plenty more to go around if I get this done for him!

I have absolutely no money. Well actually I have 86 cents in my left pocket right now, but that will gone soon lol... Thats why I was wondering if this contract would work for me. But I will take it to a realator and see it will work in flordia...

Also, go over your state's approved Purchase Agreement, as well (also could be called "Offer to Purchase", "Purchase and Sale Agreement", etc. She/he will know what you mean. lol) Just keep stepping out. You'll learn and grow as you take strides!

Good luck!

Rina

The option agreement is good to use,just make sure you fill in the option time period when it starts and when it ends.Fill out the Purchase and Sale contract,leave the closeing date open.Find your Buyer,when you find a buyer do an Assignment of contract, contact the Seller and use your option to Purchase and meet with the Seller get the Purchase Agreement signed. fill in the closing date 30days open escrow, title company will do a tilte search to make sure title is clean and no judgments against the property,if all is good with title they will set a closing date and contact the Seller and the Buyer.If the title has a problem with it they will contact you,you contact the seller to get the problem cleared up ,if seller can't walk away from the deal and inform the buyer of the problem. Hope this helps.

whurndon

H&H PROPERTY SOLUTIONS LLC

The option agreement is all I need my seller to sign?

if you use the Option Agreement, you will need to give the seller some money or something of value (valuable consideration item #1) to hold the property for a preset length of time (item #2). The purchase price is predetermined (item #3). You would still need a purchase contract included with the option contract (item #4). If you did not excercise your option in the time period determined (item #2), the option goes away and the seller keeps the fee (item #1).

Al

(As I haven't used this before.)
What are the benefits of using the option agreement instead of just a regular purchase agreement?? I know there's been other discussion in here, but I guess I'm not quite clear. Al?

Thanks,
Rina

so why would dean say that you don't have to give them any money at all in the book if you would have to give them money? I'm so confused?

You could use it to lock up a property that you expect to increase in value significantly in the near future. If you know of a 50 acre property that is currently worth $5K per acre, and you know that future development will cause the value to go up significantly, you can lock up the property for 5 years with an option fee of $1000 and agree to purchase for $6000 per acre. Then when the value goes up to $10k per acre, you can exercise your option and purchase property valued at $500K for $300K. This is one way to use the option.

Al

I didn't realize you could lock something up for that long! Now I get it. Here I'm thinking short-term.
Thanks Al!

Rina

The benifits of using an Option contract,it allowes you to get a selling price from the seller and market the property to an end buyer for a period of 30 to 90 days you can put $10.00 down on the option.It doesn't cost the seller anything and he can still market the property himself.If you find a buyer in that time frame, you get the Purchase contract signed and do an assignment of contract to your buyer.If the seller finds a buyer before you do within that same time frame,you just cancel out the Option agreement and the seller owes nothing.If you find a Buyer it a win win deal because it only cost you $10.00.

whurndon

Thanks for your answer. That was more of the option definition I was aware of. But I would be a little nervous of possibly losing the deal in that scenario, without having the property actually "locked up". You know, if the seller happened to find a buyer at the same time as me. What are your thoughts?

Rina

You need to use both The Option contract and the Purchase agreement,you need to lockup your price on the property at that time so the seller don't jump the price up on you over time.Just don't put a closing date yet hold on to the Purchase contract until you find your buyer,use your option time to find your buyer.then finish the transaction.And you can put a $10.00 deposit on the option contract its legal.

whurndon

Robasciotti,
Are you using this method because you want to or did the seller ask for it!

Randall

It depends on the language in the option contract,I have an option contract that will actually lock up the deal with $10.00.If someone could tell me how to upload it to this site ,I would be happy to share it.

whurndon

i'm honestly just going by what dean put in his book i reallyl need a walk through....... i'm nervous as heck now...........

That would be great. I think a simple way to get it posted would be to copy and paste it. If not familiar, just take your mouse, starting at the top of the info of what you want to copy-left click and hold while dragging over entire page of info.( it wil highlight all of the info) Then release the left mouse button and click the right mouse button. A window should pop up left click on "copy". Return back to this forum and go back inside a new comment box (make sure your cursor is flashing inside the box. Then right click your mouse and select paste and boom it should copy it into the comment box.

Sorry It went soooo long. Hopefully this helps

To all if you want,try this Option agreement,remember to put and/or assigns after your name on the contract line 2.

whurndon
H&H PROPERTY SOLUTIONS LLC

Option to Purchase Agreement

This Option Agreement is made between the following parties:

1. __________________________________________, hereinafter referred to as “Optionor” and

2. __________________________________________, hereinafter referred to as “Optionee”.

The following terms are applicable to this agreement:

A. The Optionor agrees to grant an option to purchase to the Optionee, the land and improvements known as:_____________________________________________________

B. Optionor agrees that he/she will not attempt to enter into any other negotiations or terms for sale of this property with any other party while this agreement is in effect. If Optionor receives any other independent offers on this property, Optionee shall be notified immediately.

C. Upon agreement the option would begin on the date of _______________________, 20__ and end on the date of ___________________________, 20__.

D. The purchase price will be _______________________________ ($ ) payable by certified funds as settlement.

E. Optionor grants Optionee access to the above property for showing to prospective buyers, contractors, or appraisers.

F. Optionor must maintain proper insurance on the before-mentioned property.

G. If the Optionee purchases the property, the Optionor will pay all closing cost.

H. Optionor grants this option for the consideration of ten dollars ($10.00) and other valuable consideration.

_________________________________ _____________
Optionor Date

_________________________________ _____________

Optionee Date

So whats the other contract I need my seller to sign?

The Seller needs to sign the Option Contract and the Purchase ans Sale Agreement.then find your buyer.

whurndon

Thanks for posting the info.

So what i went to a title compoany and they gave me a Residental sale and Purchase Contract. So do I sign that like Stephen Robasciotti and/or assignee? and I also have my assignment of real estate purchase and sale agreement. So all I have to do is get my seeler to sign these two document and I have a buyer ready. So After the seller signs the Residental sale and Purchase Contract and I sign stephen Robasciotti and/or assignee, does the actual buyer sign that contract to? and do I intial the who thing where it ask for the buyers intials?

Fill out the purchase and sale agreement with the seller,put your name on the buyers line ( your name and/or assigns ).since you have your buyer set your closing date on the contract.The seller does not sign the assignment contract,you and your buyer just fill that out.Take the Purchase and sale agreement and the assignment of contract to the title company and open escrow,the title company will handle the rest.The seller and the buyer will close the deal,you get your assignment fee.

whurndon
H&H PROPERTY SOLUTIONS LLC

ok so I'm a little slow when it comes to contracts but you just made it so simple just then lol.... thank you a thousand time whurdon!!!!!!!

ASSIGNMENT OF REAL ESTATE PURCHASE AND SALE AGREEMENT

THIS ASSIGNMENT is made this ___________(1)_____________ day of __________
(2)__, __________(3)______ by ______(4)________ (hereinafter referred to as "Assignor") to
________(5)_________ (hereinafter referred to as "Assignee").
W I T N E S S E T H :
WHEREAS, Assignor has entered into a certain Real Estate Purchase and Sale
Agreement with ____________(6)____________ as "Seller" and Assignor as "Buyer" which
Agreement was executed on __________(7)________, by said Assignor and on ____________
(8)__________, by said Seller for the purchase and sale of certain real property being, lying and
situate in _________(9)_______ County, ________(10)________, and more particularly
described in said Agreement, copy of said Agreement being attached hereto as Exhibit "A"; and,
WHEREAS, Assignor desires to assign, transfer, sell and convey to Assignee all of
Assignor's right, title and interest in, to and under said Real Estate Purchase and Sale
Agreement; and,

WHEREAS, Assignee is desirous of receiving all of Assignor's right, title and interest in,
to and under said Real Estate Purchase and Sale Agreement;
NOW, THEREFORE, for and in consideration of the sum of TEN DOLLARS ($10.00) and
other good and valuable considerations, the receipt and sufficiency of which are hereby
acknowledged, Assignor has assigned, transferred, sold and conveyed and by these presents
does hereby assign, transfer, sell and convey unto Assignee all of Assignor's right, title and
interest in, to and under said Real Estate Purchase and Sale Agreement.
Assignee hereby assumes all of Assignor's duties and obligations under said Real Estate
Purchase and Sale Agreement.

This Assignment shall be binding upon Assignor and shall inure to the benefit of
Assignee and its successors, heirs and assigns.
IN WITNESS WHEREOF this Assignment has been signed, sealed and delivered by
Assignor and Assignee as of the day and year first above written.
Witnesses: "Assignor"
__________(12)__________ ___________(11)_______________
__________(12)__________
"Assignee"
__________(12)__________ ____________(13)_______________
__________(12)__________

ok this is my assignment contract I'm a little confused on how to fill it out... theirs a lot of spaces that don't make since.... I got it from the site any info on this will get me on my way....

I am going to post a different Assignment of contract for you,it will be a lot easyier for you to understand

Goog Luck,Let us know how everthing works out.

whurndon

H&H PROPERTY SOLUTIONS LLC