Lou Brown Option To Purchase (Buying) - From BSH
I do not see anything in this particular agreement that prevents the Optionor (Seller) from selling the house to anyone they feel like, even folks that you brought to the deal. How is this helpful? Have you added something protecting yourself? Whose contracts are you guys using?
How can you advertise knowng that your fellow investors will be calling the number on the FSBO sign in the front yard the moment they see it?
What am I missing? 1 paragraph?
JohnCl
I believe that you could file an affidavit of sale at the recorders office establishing the effective date of your agreement. This would be beneficial to you if a conflict arises.
Hi JohnCl, I agree with jeff12002. Also check your local Law Library under Real Estate Law. If any Laws have been revised, the clerk should have that information. DanielR
What I intended to say earlier, and did it wrong was file an affidavit of agreement, not an affidavit of sale. However, If your option is a non-exclusive option, then the only people you need to be worried about are the ones that you bring to the deal. That should be easy enough. Before you introduce your perspective seller to the property, have them sign an exclusive agreement regarding that property and you. If it's that big of an issue to you, you might try running your contract past an attorney familiar with real estate law in your area, and ask them to make recommendations regarding modification of your contract to better fit your needs. They should also be able to give you a definative answer to your concern over the possible new law you heard about, and offer some insight on how to conduct your transactions legally and still accomplish what you are trying to do. If it does exist..
You might get better luck with the Lou Brown portion of your question if you directed it at Lou Brown. It's kind of hard commenting on something that I don't have, and I'm sure others feel the same.
Good luck,
Jeff