Looking for Option to Purchase Real Estate Agreement

have you looked on the left bottom side of this page, under 'student resources' there's a tab for 'forms and docs'

Purchase Agreement is used to 'lock up' (put under contract) a property, and then either buy and hold, buy, fix, and sell, or to 'assign' to another buyer.

Option to Purchase Agreement is used to let a tenant lease a property from you with a specified term when they can purchase it; you would also need a lease agreemeent.

Wishing you success,

Valerie

Thanks Valerie for taking the time to reply.

I did look under the forms and documents. I checked out the Purchase Agreement, which I understand is used to lock up a property. However, it seems odd because again it is not the same as the snapshot in Dean's book.

But anyhow. Once the Seller and I sign this contract, do I need to record this or get it notarized, so they don't try and make a deal with someone else behind my back?

Also, what is the list of documents needed to do an assignment. I did read the book, but again, some of the forms have different names and wording, which has got me a little confused.

Thanks again.

Aliyah,

in the search box o the top left of this page enter 'wholesaling' and hit enter; you will see many threads about wholesaling with lots of great information that you can read.

also, check out Carol Stinson's website (link below); she has great information, forms, etc.

http://www.realwholesaling.com/

wishing you success,

Valerie

Option to Purchase Real Estate Agreement

I. Contract Date: ________________________
II. This Option Agreement is made between the following parties:
1. _________________________________________, hereinafter referred to as “Optionor” and
2. __________________________________________, hereinafter referred to as “Optionee”.
III. Real Property: The Optionor agrees to grant an option to purchase to the Optionee, the land and
improvements known as:_________________________________________________________
IV. Offer: Optionee has the option to purchase this property for the price of $_______________.
V. Period: 14 days, beginning on the contract date and ending on _______________________.
VI. Terms and Conditions:
1. Optionor understands that Optionee intends to find an End-Buyer (i.e. new buyer) and assign this Option Agreement to End-Buyer for a fee (to be paid by End-Buyer).
2. Optionor understands that Optionee is acting as a principle in the transaction and is not working as a real estate broker representing anyone other than himself in this transaction.
3. Upon Optionee exercising of this option, both parties agree to move forward with the necessary standard purchase and sales agreement.
4. Optionor may cancel this agreement at any time at any time prior to exercise should he find his own Optionee or tenant or decide not to sell. This cancellation must be done in writing.
5. Optionor grants Optionee access to the above property for showing to prospective buyers, contractors, or appraisers, along with the right to put signage in the yard advertising the property for sale.
6. If Optionee does not acquire an End-Buyer within 14 days of acceptance of this Option Agreement, this agreement becomes null and void.
7. All parties agree that property is being sold in present “as is” condition.
8. Optionor must ensure that proper insurance is maintained on the property.
9. Optionor grants this option for the consideration of ten dollars ($10.00) and other valuable consideration.
10. Time is of the essence in this agreement.
VII. Additional Terms: __________________________________________________________
____________________________________________________________________________
____________________________________________________________________________

Optionee: _______________________________________________________ Date: ____________
Phone/Email/Fax: _____________________________________________________________
Optionor: _______________________________________________________ Date: ____________
Phone/Email/Fax: _____________________________________________________________

Thanks Ernesto! This looks like exactly what I was looking for. Couldn't seem to find this one anywhere on here.

In the same book, near the same page, Dean has a link to a section of this site with forms specific to that book, broken down by chapter, including the lease option that Greg did so well with. I don't think I can post it here. Check the page again.

Take care,
Chad.