OfflineIhave attached a Notice Of Option contract for those of you who have been requesting it.
You file this notice down at your county recorders office after you have locked a property up.
It prevents some other wholesaler or buyer from trying to steal your deal. It lets them know that you have first option on the property for XXX amount of weeks.
__________________
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
File Attachments
whats the point of this contract when you already have a property locked up in a regular purchase agreement contract? another buyer cant bypass you if you have a regular purchase agreement with the owner, cant he?
Option to Purchase Real Property Agreement
Date: _________________________
This option agreement is entered into between the Parties, Seller(s) and Buyer(s), below in
consideration of and subject to the following terms and conditions.
1. Parties: _________________________________________ and/or assigns as Buyer and
________________________________________________________ as Seller
2. Property Address: ______________________
______________________
3. Offer: Buyer has the option to buy the property at $ ______________________
4. Period: ____________________ days
5. Provisions:
- Seller understands that Buyer’s intention is to find an End-Buyer and assign this Option
Agreement to that End-Buyer for a fee (paid by the End-Buyer).
- Seller understands that Buyer is acting as a principle in the transaction and is not
working as a licensed real estate broker representing anyone in the transaction.
- Upon Buyer’s decision to exercise this option, both parties agree to move forward with
the necessary standard purchase and sales agreement.
- Seller may cancel this agreement at any time if they find their own buyer or tenant or
decide not to sell.
- Seller agrees to allow Buyer to advertise the property, use a sign, or even direct mail. .
- If Buyer does not acquire an End-Buyer to assign this deal to within 30 days of
acceptance of this Option Agreement, this agreement becomes null and void.
- All parties agree that property is being sold in “as is” condition unless noted otherwise.
6. Seller Added Comments:_____________________________________________________
_____________________________________________________________________________
Buyer: ______________________________________________ Date: ______________
Seller: _________________________________________ Date: __________________
Seller: _________________________________________ Date: __________________