In deans book he gives us a purchase agreement to use. This is it:
Option To Purchase Real Estate Agreement
This agreement is made on the [day] of [month], [year],
[sellers full name]
of [address], (sellers),
[buyers full name]
of [address], (buyers),
The seller now owns the following described real estate, located
at [insert full property address], [city or town], [state]:
For valuable consideration, the seller agrees to give the Buyer and exclusive option to buy this
property for the following price and on the following terms:
1. The buyer will pay the seller $________________ for this option. This amount will be
credited against the purchase price of the property if this option is exercised by the Buyer.
If the option is not exercised, the Seller will retain this payment.
2. The option period will be from the date of this agreement until
the [day] of [month], [year].
3. During this period, the Buyer has the option and exclusive right to buy the Seller's
property mentioned above for the purchase price of $_________. The Buyer must notify
the Seller, in writing, of the decision to exercise this option.
4. Attached To this Option Agreement is a completed Contract for the Sale of Real Estate. If
the Buyer notifies the Seller, in writing, of the decision to excercise the option within the
option period, the Seller and Buyer agree to sign the Contract for the Sale of Real Estate
and complete the sale on the terms of the Contract.
Now my questions are the following:
1. Will the exit clause in this contract get me out of not having to pay earnest money until the house is reassigned.
2. Will it get me out of haveing to pay earnest money up front?
3. Has anyone used this?
I do not have any money or any one elses money to use on this and I have to get this contact to the sller asap, that is why I am reposting this. So I can not use a lawyer. I am nervous and just need some definate answers! Thank you so much!
you never know until you find out...